The Group of Seven industrial nations said Friday that 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.
U.S. President Donald Trump said the diesel release would happen “immediately,” while a G7 statement promised a “frontloaded substantial release” of diesel within the next 20 days.
Trump and his Republican Party face pressure to address surging prices ahead of the Nov. 3 midterm elections, and Trump announced the action Friday on social media. The president’s approval ratings on the economy hit a new low, according to an AP-NORC poll, as the Iran war and his trade battles have increased U.S. prices for oil and other goods.
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. The national average for a gallon of diesel in the U.S. was $6.37 on Friday, according to the American Automobile Association, after hitting a record $6.52 on Sept. 22.
France holds the rotating presidency of the G7 group and made the announcement in a statement released after videoconference talks that Macron presided over. The International Energy Agency will coordinate the effort to combat soaring fuel prices.
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“We will implement our commitments with a coordinated release through the IEA of 100 million barrels (MB) to begin immediately over 4 months, including a front-loaded substantial diesel release within the first 20 days by G7 members and partners,” the statement said.
Some Republicans in the U.S. had called for Trump to ban U.S. exports of diesel to try to bring domestic prices down. But the G7 statement said the group, which includes the United States, also agreed not to limit energy exports to each other.
“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,” it said.
Trump had a conversation overnight with French President Emmanuel Macron, the chair of the G7, 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 to discuss the issue.
Besides his call with Macron, Trump on Friday called in to the meeting with the G7 leaders to negotiate the release of the European diesel stockpiles, according to a White House official who was not authorized to speak publicly and spoke on the condition of anonymity.
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.
The president 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’re doing an extremely poor job of promotion.”
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