The Group of Seven industrialized nations said Friday it plans to release 100 million barrels of oil and fuel products in the coming weeks, starting with “significant” amounts of diesel after the fuel recently reached record high prices in the United States.
US President Donald Trump said the diesel launch would happen “immediately”, while the G7 statement promised a “significant initial launch” of diesel within the next 20 days.
Trump and his Republican Party are facing pressure to address rising prices before the November 3 midterm elections, and Trump announced the measure on Friday on social media. The president’s approval ratings on the economy have reached a new low, according to an AP-NORC poll, as the Iran war and his trade battles drive up the price of U.S. oil and other commodities.
Gas prices have soared in the United States and abroad during the eight-month war, a cost Trump has repeatedly said was worth it to ensure Iran does not obtain nuclear weapons. The national average for a gallon of diesel in the United States was $6.37 on Friday, according to the American Automobile Association, after reaching a record high of $6.52 on September 22.
France holds the rotating presidency of the G7, and made the announcement in a statement issued after video talks chaired by Macron. The International Energy Agency will coordinate efforts to combat rising fuel prices.
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“We will implement our commitments through the coordinated release through the IEA of 100 million barrels to begin immediately over four months, including the release of a significant amount of diesel within the first 20 days by G7 members and partners,” the statement said.
Some Republicans in the United States have called on Trump to ban US exports of diesel in an attempt to reduce domestic prices. But the G7 statement said the group, which includes the United States, also agreed not to restrict energy exports to each other.
She added: “We reaffirm our commitment to refrain from imposing export restrictions on energy and energy products among the G7 countries and call on all producers to refrain from imposing a ban that may exacerbate market tensions.”
Trump held an overnight conversation with French President Emmanuel Macron, the head 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 then on Friday chaired a video conference of G7 leaders to discuss the issue.
Along with his call with Macron, Trump on Friday called for a meeting with G7 leaders to negotiate the release of European diesel stockpiles, according to a White House official who was not authorized to speak publicly and spoke on condition of anonymity.
On Thursday, Trump began what he said would be a 32-day marathon of massive rallies to try to boost his party’s chances of maintaining control of the US House of Representatives and Senate in next November’s elections.
The president is increasingly frustrated by what he sees as a disconnect between his accomplishments and the public’s perception of his work. This week he gave himself an A-plus for his work on economics, but said: “We’re doing a very poor job of promoting.”
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