G7 Releases 100 Million Barrels of Oil Amid Soaring Fuel Prices

The Group of Seven (G7) wealthy democracies announced plans to release 100 million barrels of oil and fuel products in response to soaring global fuel prices. The move aims to alleviate price pressures, particularly on diesel, which has hit record highs in the United States and Europe.

According to a statement released after videoconference talks, the G7 countries will start by releasing 'substantial' amounts of diesel within the next 20 days, with the rest of the 100 million barrels distributed over four months. President Donald Trump said this release would happen 'immediately,' echoing the G7's promise.

The move is seen as a short-term fix to address rising fuel prices ahead of the November midterm elections in the United States. Gas prices in the US and abroad have surged during the ongoing war, with diesel prices reaching $6.37 per gallon on average in the US, according to AAA. The national average had hit a record high of $6.52 just last month.

Experts warn that this emergency release may ultimately do long-term harm by reducing strategic reserves and leaving Europe less prepared for future price spikes or supply disruptions.