WASHINGTON (Gray DC) – The Group of Seven – a collection of some of the world’s largest economies – announced on Friday the release of 100 million barrels of fuel from its emergency stockpile following record-high fuel prices in September.
Oil prices have risen to record levels globally. The G7’s release of crude and diesel barrels marks a rare move intended to cap the cost of diesel.
The barrels come from the G7’s emergency stockpile, which is set aside for global supply shortages.
Wars in Ukraine and Iran have reduced the global fuel supply. Diesel has been particularly affected, with American farmers and the shipping industry facing a heavy impact.
With the midterm elections now days away, the Trump administration had considered restricting U.S. diesel exports, including a possible outright ban, to lower costs before November.
The G7’s release appears to end that possibility; the group’s statement said the release comes with an agreement among member nations not to limit energy exports to allied countries.
President Trump said in a Truth Social post the process will begin “immediately.” French President Emmanuel Macron said the release would happen over four months.
The move could reduce diesel prices by a few cents per gallon, according to experts, who added the effect would likely be temporary. Releasing stockpiled barrels does little to increase refinery capacity or production, experts said.
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