G7 countries to release up to 100 million barrels of diesel and crude oil reserves

Member countries in the Group of Seven agreed Friday to release tens of millions of barrels of diesel fuel and crude oil, the latest move by industrial economies around the world to cap soaring gas prices.

Following a G7 videoconference hosted by French President Emmanuel Macron, President Donald Trump said, “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.

Gas prices have soared since the United States and Israel attacked Iran on Feb. 28. But diesel in particular saw a renewed surge this summer after the Russia-Ukraine war escalated in July. Since late February, the average price of U.S. diesel has surged 70% to $6.37 per gallon.

The release will be as much as 100 million barrels over the course of four months, the G7 said in a statement. It noted that there would be a “substantial diesel release within the first 20 days.”

The leaders also said that they would begin coordinating maintenance schedules for oil refineries in their respective countries, “to prevent simultaneous capacity shutdowns and temporarily increase utilization rates where feasible.”

Many American and European refiners are already operating at maximum…

Original source: https://www.nbcnews.com/world