G7 Nations Unleash Emergency Oil Release Amid Soaring Prices

The Group of Seven (G7) wealthy democracies have agreed 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 stabilize the oil market and bring down record-high prices. The national average for a gallon of diesel in the U.S. was $6.37 on Friday, according to AAA, after hitting a record $6.52 on September 22nd.

The release follows a March announcement that International Energy Agency member countries would release 426 million barrels of oil and products. The G7 countries are Canada, France, Germany, Italy, Japan, the U.K., and the U.S., plus EU representation.