By — Collin Binkley, Associated Press Collin Binkley, Associated Press By — John Leicester, Associated Press John Leicester, Associated Press Leave your feedback Share Copy URL https://www.pbs.org/newshour/world/g7-nations-agree-to-release-100-million-barrels-of-oil-including-diesel Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter G7 nations agree to release 100 million barrels of oil, including diesel World Oct 2, 2026 12:16 PM EDT WASHINGTON (AP) — The Group of Seven industrial nations said on Friday that they plan to release 100 million barrels of oil in the coming weeks, 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 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 U.S. prices for oil and other goods. WATCH: How the diesel price spike is rippling through nearly every part of the economy 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. 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. Educate your inbox Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else. Enter your email address Subscribe Form error message goes here. Thank you. Please check your inbox to confirm. France holds the rotating presidency of the G7 group and made the announcement in a statement released after videoconference 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 front-loaded substantial diesel release within the first 20 days by G7 members and partners," the statement said. Some Republicans in the U.S. had called for Trump to ban U.S. exports of diesel to try to bring domestic prices down. But the G7 statement said the group, which includes the United States, also agreed not to limit energy exports to each other. READ MORE: 3 things to know about rising diesel prices and how they affect you "We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions," it said. 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 the videoconference of G7 leaders to discuss the issue. Besides his call with Macron, Trump on Friday called in to the meeting with the G7 leaders to negotiate the release of the European diesel stockpiles, according to a White House official who was not authorized to speak publicly and spoke on the condition of anonymity. READ MORE: Most Americans blame Trump for high prices as his economic approval hits new low, AP-NORC poll shows Trump on Thursday embarked on what he said would be a 32-day marathon of rallies to try to bolster his party's chances for keeping control of the U.S. House and Senate in the November elections. The president has grown increasingly frustrated with what he sees as a disconnect between his achievements and the public's view of his work. This week he gave himself an A-plus for his work on the economy but said "we're doing an extremely poor job of promotion." Leicester reported from Paris. AP writer Michelle L. Price contributed to this report. A free press is a cornerstone of a healthy democracy. Support trusted journalism and civil dialogue. Donate now By — Collin Binkley, Associated Press Collin Binkley, Associated Press By — John Leicester, Associated Press John Leicester, Associated Press
WASHINGTON (AP) — The Group of Seven industrial nations said on Friday that they plan to release 100 million barrels of oil in the coming weeks, 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 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 U.S. prices for oil and other goods. WATCH: How the diesel price spike is rippling through nearly every part of the economy 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. 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. Educate your inbox Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else. Enter your email address Subscribe Form error message goes here. Thank you. Please check your inbox to confirm. France holds the rotating presidency of the G7 group and made the announcement in a statement released after videoconference 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 front-loaded substantial diesel release within the first 20 days by G7 members and partners," the statement said. Some Republicans in the U.S. had called for Trump to ban U.S. exports of diesel to try to bring domestic prices down. But the G7 statement said the group, which includes the United States, also agreed not to limit energy exports to each other. READ MORE: 3 things to know about rising diesel prices and how they affect you "We reaffirm our commitment to refrain from export restrictions on energy and energy products between G7 countries and call on all producers to refrain from imposing bans that could exacerbate market tensions," it said. 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 the videoconference of G7 leaders to discuss the issue. Besides his call with Macron, Trump on Friday called in to the meeting with the G7 leaders to negotiate the release of the European diesel stockpiles, according to a White House official who was not authorized to speak publicly and spoke on the condition of anonymity. READ MORE: Most Americans blame Trump for high prices as his economic approval hits new low, AP-NORC poll shows Trump on Thursday embarked on what he said would be a 32-day marathon of rallies to try to bolster his party's chances for keeping control of the U.S. House and Senate in the November elections. The president has grown increasingly frustrated with what he sees as a disconnect between his achievements and the public's view of his work. This week he gave himself an A-plus for his work on the economy but said "we're doing an extremely poor job of promotion." Leicester reported from Paris. AP writer Michelle L. Price contributed to this report. A free press is a cornerstone of a healthy democracy. Support trusted journalism and civil dialogue. Donate now