The Group of Seven industrialized countries said it had agreed to release 100 million barrels of oil, beginning with a “significant” amount of diesel fuel after fuel recently reached record-high prices in the United States, where President Donald Trump said the diesel release would occur “immediately,” UNN reports, citing AP.
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Trump and his Republican Party are facing pressure to address rising prices ahead of the midterm elections in November. Trump announced the action Friday on social media, saying: “Europe has just agreed to release a huge amount of its diesel fuel, which it has in large supplies. The process will begin immediately.”
The president is facing low approval ratings as the war in Iran and his trade battles have driven up the prices of oil and other commodities in the United States.
Gas prices in the United States and abroad have surged during the eight-month war, and Trump has repeatedly said that these costs are worth it to prevent Iran from obtaining nuclear weapons. Trump has insisted that prices will fall after the war, although there is no end in sight.
According to AAA data, a gallon of diesel fuel in the United States averaged $6.37 on Friday, after reaching a record $6.52 on September 22.
Trump has not yet decided whether to ban diesel fuel exports01.10.26, 11:15
Trump held an overnight conversation with French President Emmanuel Macron, chair of the G7, about the need to address rising fuel prices and the availability of petroleum products, according to a statement from the French Embassy in the United States on Friday. Macron then chaired a videoconference of G7 leaders to discuss the issue.
France is the rotating chair of the G7 and announced this in a statement issued after the videoconference chaired by Macron. The International Energy Agency will coordinate efforts to combat the sharp rise in fuel prices. “We will fulfill our commitments through a coordinated release via the IEA of 100 million barrels (mb), beginning immediately over four months, including an initial release of a significant volume of diesel fuel during the first 20 days by G7 members and partners,” the statement said.
A new AP-NORC poll found that a majority of American adults blame Trump for rising prices, while approval of his handling of the economy reached a new low.
Trump is becoming increasingly frustrated by what he sees as a disconnect between his accomplishments and the public’s view of his performance. This week, Trump gave himself a five out of five for his work on the economy, but said that “we are doing very poorly.”