G7 Unveils Emergency Oil Release Amid Record-High Fuel Prices
The Group of Seven (G7) wealthy democracies announced that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with a substantial amount of diesel.
The move is aimed at addressing soaring fuel prices, which have hit record highs in the United States. The national average for a gallon of diesel was $6.37 on Friday, according to AAA.
The release of diesel in Europe may lead to lower exports from the US, potentially lowering prices by 25-50 cents per gallon after a few weeks, said Michael Lynch, distinguished fellow at Energy Policy Research Foundation.
European Union countries have committed about 92 million barrels, with a focus on refined products made from crude such as diesel. French President Emmanuel Macron stated that the decision should bring down prices and add liquidity to the market.