Trump Says Europe Agrees to Release Diesel Reserves 'Immediately' as Fuel Prices Hover Near Record Highs
The coordinated release includes substantial diesel and begins immediately as fuel prices hit record highs, with the International Energy Agency managing the effort.
- On Friday, Group of Seven nations agreed to release 100 million barrels of oil and refined fuel through the International Energy Agency over four months to combat soaring diesel prices following pressure from President Donald Trump.
- Amid rising fuel costs, Trump pushed for the release as U.S. diesel prices hit a record $6.52 per gallon on Sept. 22, complicating the economic outlook ahead of November's midterm elections.
- Unlike the U.S. Strategic Petroleum Reserve, which consists of crude oil, European emergency inventories include refined diesel that supply markets directly, White House National Economic Council Director Kevin Hassett explained.
- Member nations will implement a front-loaded release of "substantial" diesel within the first 20 days while coordinating refinery maintenance schedules to prevent simultaneous capacity shutdowns and stabilize immediate energy supplies.
- French President Emmanuel Macron chaired the G7 videoconference Friday, where leaders committed to "decisive, coordinated measures" intended to stabilize energy supplies and strengthen global energy systems' long-term resilience.
13 Articles
13 Articles
Kevin Hassett says diesel reserve release could have ‘massive positive effect’ as G7 reaches deal
European diesel reserves could help ease fuel prices, according to Kevin Hassett, as G7 countries move forward with a coordinated emergency release following pressure from the Trump administration
G7 countries to release 100 million barrels of oil from reserves to combat fuel crisis Stocks are planned to be sent to the market within the next four months, French President Emmanuel Macron said
G7 countries to release 100 million barrels of oil from reserves to combat fuel crisisStocks are planned to be sent to the market within the next four months, French President Emmanuel Macron said.Subscribe to Sputnik Radio in MAKS
Trump wants lower fuel prices. G7 agrees to release 100 million barrels of oil: Why it matters
The coordinated release through the IEA will run for four months, with a substantial amount of diesel to be released within the first 20 days as energy markets face severe supply pressures.
Europe to release massive amount of heavily stocked Diesel Oil: Trump - The Tribune
Amid ongoing efforts to mitigate rising fuel costs driven by global supply disruptions, US president Doland Trump on Friday (local time) said that European nations have agreed to release their "heavily stocked" diesel Oil, with the process slated to begin immediately.
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