Donald Trump · France · U.S. · NBC News Tech
G7 countries to release up to 100 million barrels of diesel and crude oil reserves
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Member countries in the Group of Seven agreed Friday to release tens of millions of barrels of diesel fuel and crude oil, the latest move by industrial economies around the world to cap soaring gas prices.
Key facts
- Since late February, the average price of U.S. diesel has surged 70% to $6.37 per gallon
- 41% of registered voters approve of Trump’s handling of the U.S. economy, according to the most recent NBC News polling, while 56% disapprove
- In March, countries that are members of the International Energy Agency approved a release of 400 million barrels of crude oil
- Gas prices have soared since the United States and Israel attacked Iran on Feb. 28
Summary
Following a G7 videoconference hosted by French President Emmanuel Macron, President Donald Trump said, “Europe has agreed to release a massive amount of their heavily stocked Diesel Oil.” “The process will begin immediately,” Trump posted on Truth Social. Gas prices have soared since the United States and Israel attacked Iran on Feb. 28. The release will be as much as 100 million barrels over the course of four months, the G7 said in a statement.