+34The G7 will release 100 million barrels of oil and fuel products through the IEA over four months, front-loading diesel within 20 days after U.S. diesel hit a record $6.52.
The Group of Seven industrial nations said Friday they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with substantial amounts of diesel after the fuel recently hit record high prices in the United States.
Diesel Prices and G7 Response
The U.S. national average for a gallon of diesel was US$6.37 on Friday, according to AAA, after hitting a record US$6.52 on Sept. 22. 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 cost about $2.71. U.S. President Donald Trump said the diesel release would happen immediately. A G7 statement promised a front-loaded substantial release of diesel within the next 20 days.
Trump announced the action 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. France holds the rotating presidency of the G7 and made the announcement in a statement released after videoconference talks that French President Emmanuel Macron presided over.
The International Energy Agency will coordinate the effort to combat soaring fuel prices. The statement said: We will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over 4 months, including a front-loaded substantial diesel release within the first 20 days by G7 members and partners.
Trump had a conversation overnight with Macron 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 the videoconference of G7 leaders. Besides his call with Macron, Trump on Friday called in to the meeting with G7 leaders to negotiate the release of the European diesel stockpiles, according to a White House official not authorized to speak publicly.
Export Restrictions and Election Pressure
Some Republicans in the U.S. had called for Trump to ban U.S. exports of diesel to try to bring domestic prices down. Trump had floated the idea of banning diesel exports, a move experts caution could backfire, putting strain on an already-stretched global fuel market and further raising prices globally. But the G7 statement said the group, which includes the United States, also agreed not to limit energy exports to each other.
It said: We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions. Trump and his Republican Party face pressure to address surging prices ahead of the Nov. 3 midterm elections. A new AP-NORC poll found that a majority of U.S. adults blame Trump for higher prices, and approval of his handling of the economy hit a new low.
Fuel Costs and Midterm Politics
Gas prices in the U.S. and abroad 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 is no end in sight.
Trump on Thursday embarked on what he said would be a 32-day marathon of rallies to try to bolster his party's chances for keeping control of the U.S. House and Senate in the November elections. He has grown increasingly frustrated with what he sees as a disconnect between his achievements and the public's view of his work.
This week he gave himself an A-plus for his work on the economy but said we are doing an extremely poor job of promotion.
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CP24:G7 nations will release 100 million barrels of oil and diesel fuel after prices soar 
CTVNews:G7 nations will release 100 million barrels of oil and diesel fuel after prices soarThis story was compiled and edited by the HeadTopics newsroom and HT AI from the reports above.
Diesel Prices Trump Economy Approval Iran War Fuel Costs November Midterms Iran War AP-NORC Poll IEA Coordination Midterm Elections
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