CA, US & World
G7 Agrees to Release 100 Million Barrels of Oil and Diesel as Fuel Prices Surge
The Group of Seven nations has agreed to release 100 million barrels of crude oil and fuel products from emergency reserves in an effort to help bring down soaring energy prices.
The agreement was reached Friday during a G7 video conference hosted by French President Emmanuel Macron. President Donald Trump announced the move, saying the process would begin immediately.
The release is expected to take place over the course of four months, according to the G7. The group said a substantial amount of diesel would be released within the first 20 days.
The move comes as fuel prices have surged amid disruptions to global energy supplies.
Gas prices have climbed since the war with Iran began, while diesel prices have seen another significant increase this summer following an escalation in the Russia-Ukraine war in July.
Diesel prices are now averaging more than $6 per gallon, putting additional pressure on consumers and businesses.
The coordinated release of emergency reserves is intended to increase the supply of oil and fuel available on the global market and help ease price pressures.
The G7 countries say the release will begin immediately and continue over the next four months as governments attempt to stabilize energy markets.
By: NBC Palm Springs
October 4, 2026
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