G7 nations agree to release 100 million barrels of oil, including diesel, amid energy crunch
The release would begin immediately and take four months, starting with a "substantial" diesel release within the first 20 days. Diesel prices have soared globally due to the oil supply crunch brought on by fighting in the Middle East between the U.S. and Iran.
Move would start with 'substantial' diesel release within first 20 days
The Associated Press
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The G7 nations said they agreed to release 100 million barrels of oil, starting with "substantial" amounts of diesel, after the fuel recently hit record prices in the United States.
U.S. President Donald Trump — facing pressure to address surging prices ahead of November's midterm elections — also announced the action on Friday on social media.
"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately," Trump posted on Truth Social.
The president faces lagging approval ratings as the Iran war and his trade battles have increased U.S. prices for oil and other goods.
Gas and diesel prices have soared during the eight-month-long war, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. Trump has insisted prices will come down after the war, though there's no end in sight.
The average price of diesel in Canada was $2.63 per litre as of Thursday, though prices were higher in some cities, like Vancouver, where a litre of the fuel cost about $2.71.
Trump had a conversation overnight with French President Emmanuel Macron, the chair of the G7, about the need to address rising fuel prices and the availability of petroleum products, according to the French Embassy in the U.S.
Macron on Friday then chaired a video conference of G7 leaders to discuss the issue.
The move also comes after Trump last week floated the idea of banning diesel exports in hopes of bringing down gas prices for American drivers — a move experts caution could backfire, putting strain on an already-stretched global fuel market and further raising prices globally.
A new AP-NORC poll found that a majority of U.S. adults blame Trump for higher prices, and approval on his handling of the economy hit a new low.
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