In boost for Trump, G7 nations to release 100 million barrels of diesel and crude oil

Leaders of the Group of Seven wealthy democracies have committed to tapping emergency stockpiles for 100 million barrels of petroleum, with diesel to come first. The move follows a run-up in diesel costs that set a record in the United States, and President Donald Trump said on social media that the diesel supply from Europe would start flowing right away. It lands as Trump and congressional Republicans confront voter anger over prices with the November midterm elections approaching, according to MS NOW.

France chairs the G7 this year. After Trump spoke overnight with French President Emmanuel Macron, according to the French Embassy, Macron led a Friday videoconference of the group's leaders. A statement afterward said the International Energy Agency will coordinate the release over four months, with a large share of the diesel delivered during the first 20 days by G7 members and partners.

AAA put average U. S. diesel at $6. 37 per gallon on Friday, off the all-time high of $6. 52 reached Sept. 22. Fuel costs have climbed throughout the eight-month war with Iran, which Trump has defended as necessary to keep Tehran from obtaining a nuclear weapon.

Summarized by PolitiKool from MS NOW’s reporting. Read the full story at MS NOW →