G7 Nations Unleash 100M Barrels to Tame Soaring Fuel Prices
The Group of Seven (G7) wealthy democracies announced plans to release 100 million barrels of oil and fuel products in the coming weeks, starting with a 'substantial' amount of diesel. The move aims to address record-high prices in the United States, which have surged due to the ongoing war and trade tensions.
US President Donald Trump, facing pressure from his Republican Party ahead of the November 3 midterm elections, welcomed the decision. Gas prices in the US reached a national average of $6.37 per gallon for diesel on Friday, according to AAA. In Europe, diesel prices have also hit records.
Energy analysts predict that the release could lower US diesel prices by 25-50 cents per gallon within weeks. However, some experts caution that draining emergency stocks could leave Europe vulnerable in the future and may not address underlying market issues.