G7 Nations to Release 100 Million Barrels of Oil and Diesel Fuel Amid Record-High Prices
The G7 nations have announced they will release 100 million barrels of oil and diesel fuel in the coming weeks to address soaring prices. The move, which was agreed upon through videoconference talks chaired by French President Emmanuel Macron, aims to bring down prices for consumers.
The decision comes as gas prices in the US and abroad have reached record highs due to factors such as the ongoing war in Iran and Trump's trade battles, which have increased U.S. prices for oil and other goods. The national average for a gallon of diesel in the US was $6.37 on Friday, according to AAA.
The release will be split into two phases, with 'substantial' amounts of diesel released within 20 days and the rest over four months. Experts warn that this could be a short-term fix with potential long-term harm, as it may leave Europe with less emergency cover.