The G7 plans to release 100 million barrels of oil and fuel products over the coming weeks, beginning with a large diesel release, the group said Friday.
France, which holds the G7 presidency, announced the plan after talks chaired by President Emmanuel Macron. The group aims to release a substantial amount of diesel within 20 days and distribute the remainder over four months. President Donald Trump said the diesel release would begin immediately.
The plan comes after U.S. diesel reached a record $6.52 a gallon on Sept. 22. The national average was $6.37 on Friday, according to AAA. Diesel prices have also reached records in Europe amid rising fuel costs during the Iran war.
Michael Lynch of the Energy Policy Research Foundation said a European diesel release could reduce U.S. diesel exports and potentially lower U.S. prices by 25 to 50 cents a gallon after several weeks. The G7 plan follows a March announcement that International Energy Agency members would release 426 million barrels of oil and fuel products.
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