G7 releasing 100M barrels of oil and diesel fuel as prices soar

… placementName: thisPlacement, slotId: randId }); }); </script></div></div> </bsp-header-leaderboard></div> <div class="RichTextStoryBody RichTextBody"> <p>WASHINGTON (AP) — 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 <span class="LinkEnhancement"><a class="Link AnClick-LinkEnhancement" data-gtm-enhancement-style="LinkEnhancementA" href="https://apnews.com/article/diesel-prices-record-farmers-harvest-c320c9811a74654888255a4b4aff3d06">hit record high prices</a></span> in the United States. </p><p>President <span class="LinkEnhancement"><a class="Link AnClick-LinkEnhancement" data-gtm-enhancement-style="LinkEnhancementA" href="https://apnews.com/hub/donald-trump">Donald Trump</a></span> said the diesel release would happen “immediately,” while a G7 statement promised a “frontloaded substantial release” of diesel within the next 20 days. </p><p>Trump and his Republican Party face pressure to address <span class="LinkEnhancement"><a class="Link AnClick-LinkEnhancement" data-gtm-enhancement-style="LinkEnhancementA" href="https://apnews.com/article/election-gas-tax-diesel-states-ccca18311e0febc637f9f4756b4ceb92">surging prices</a></span> ahead of <span class="LinkEnhancement"><a class="Link AnClick-LinkEnhancement" data-gtm-enhancement-style="LinkEnhancementA" href="https://apnews.com/article/gas-prices-trump-midterms-affordability-iran-war-d2f5d5aa7ecc1f6d55d8f5759db03150">the Nov. 3 midterm elections</a></span>, and Trump announced the action Friday on social media. The president’s approval ratings on the economy hit a new low, according to <span class="LinkEnhancement"><a class="Link AnClick-LinkEnhancement" data-gtm-enhancement-style="LinkEnhancementA" href="https://apnews.com/article/trump-economy-approval-trump-midterms-8d5809758a31b29c73f4351a8008147c">an AP-NORC poll</a></span>, as the Iran war and his trade battles have increased U.S. prices for oil and other goods.</p><p>Gas prices in the U.S. and abroad have soared during <span class="LinkEnhancement"><a class="Link AnClick-LinkEnhancement" data-gtm-enhancement-style="LinkEnhancementA" href="https://apnews.com/hub/iran">the eight-month-long war</a></span>, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. 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.</p> …