The G7 nations announced plans to release 100 million barrels of oil and refined products, starting with substantial diesel quantities after fuel prices hit record highs in the United States. The national average for a gallon of diesel in the U.S. was $6.37 on Friday, after reaching a record $6.52 on September 22, according to AAA. President Trump said the release would happen immediately while acknowledging that the proposed U.S. export ban on diesel was never actually going to be implemented. France’s Macron said the G7 decision should bring down prices, with experts estimating a 25 to 50 cent per gallon decrease within weeks. However, energy experts warn the strategy carries risks, as draining emergency reserves could leave Europe with less protection against future supply disruptions.
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