G7 to Release 100 Million Barrels of Oil in Bid to Lower Prices
The Group of Seven (G7) wealthy democracies have announced a plan to release 100 million barrels of oil and diesel fuel in the coming weeks. The move aims to address record-high prices, which have soared during the eight-month-long war with Iran.
The national average for a gallon of diesel in the US was $6.37 on Friday, according to AAA, after hitting a record $6.52 on September 22. European countries also face high diesel prices, and the G7's decision could lead to lower prices by 25-50 cents per gallon within a few weeks.
G7 leaders, including US President Donald Trump, agreed not to limit energy exports to each other, despite some Republicans calling for a US export ban. Experts warn that the emergency release could be a short-term fix with long-term risks, such as draining stocks and reducing emergency cover for Europe.