The Group of Seven industrial nations said they agreed to release 100 million barrels of oil, starting with "substantial" amounts of diesel after the fuel recently hit record high prices in the United States, where President Donald Trump said the diesel release would happen "immediately."
Trump and his Republican Party face pressure to address surging prices ahead of November's midterm elections. Trump announced the action Friday on social media, saying, "Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately."
The president faces lagging approval ratings as the Iran war and his trade battles have increased U.S. prices for oil and other goods.
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Gas prices in the U.S. and abroad have soared during the eight-month-long war, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. Trump has insisted prices will come down after the war, though there's no end in sight.
The national average for a gallon of diesel in the U.S. was $6.37 on Friday, according to AAA, after hitting a record $6.52 on Sept. 22.
Trump had a conversation overnight with French President Emmanuel Macron, the chair 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 on Friday then chaired a videoconference of G7 leaders to discuss the issue.
France holds the rotating presidency of the G7 group and made the announcement in a statement released after video-conference talks that Macron presided over. The International Energy Agency will coordinate the effort to combat soaring fuel prices. "We will implement our commitments with a coordinated release through the IEA of 100 million barrels (MB) to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners," the statement said.
A new AP-NORC poll found that a majority of U.S. adults blame Trump for higher prices, and approval on his handling of the economy hit a new low.
Trump has grown increasingly frustrated with what he sees as a disconnect between his achievements and the public's view of his work. Trump this week gave himself an A-plus for his work on the economy but said "we're doing an extremely poor job of promotion."
