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Global leaders are moving forward with plans to release up to 100 million barrels of emergency oil and diesel stocks over the next four months.
Global leaders are moving forward with plans to release diesel in the face of high fuel prices in a coordinated effort that appears to forestall export bans by the US or other nations.
Emmanuel Macron, the French president and current chair of the G7, announced on Friday that the group will release up to 100 million barrels of emergency oil and diesel over the next four months.
"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," the statement said. The G7 includes nations around the world, but European diesel reserves have been in focus in recent days, with the Trump administration pressuring leaders to act, pitching it asFrench President Emmanuel Macron speaks following a videoconference with G7 leaders in Paris on Oct. 2.
the American Automobile Association shows the average price of diesel currently sitting at $6.37 a gallon after hitting an all-time high of $6.52 on Sept. 22. Prices are way up from the $3.70 average seen a year ago, before a series of geopolitical developments from the war in Iran to attacks on diesel refineries in Russia by Ukraine pushed up prices.
Details of the release — such as the ratio of diesel and oil and a breakdown by country — were not immediately available, but the move would be a significant withdrawal with
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