WASHINGTON, Oct 3 — The Group of Seven industrial nations said Friday that they plan to release 100 million barrels of oil and fuel products in the coming weeks, starting with “substantial” amounts of diesel after the fuel recently hit record high prices in the United States (US), the Associated Press (AP) reported.
President Donald Trump said the diesel release would happen “immediately,” while a G7 statement promised a “frontloaded substantial release” of diesel within the next 20 days.
Trump and his Republican Party face pressure to address surging prices ahead of the Nov 3 midterm elections, and Trump announced the action Friday on social media.
The president’s approval ratings on the economy hit a new low, according to an AP-NORC poll, as the Iran war and his trade battles have increased US prices for oil and other goods.
