Diesel prices in the US remain high, putting pressure on consumers and businesses ahead of the midterm elections.
Speaking at a campaign rally in Mobile, Alabama on Friday, Trump called the agreement “breaking news” that could lower prices for Americans. He said the US would not impose a diesel export ban, as he hailed a decision by European countries to release the fuel from their reserves. He added that Europe has a lot of diesel and they're going to be making a major world contribution. He also predicted that fuel prices would continue to ease, particularly if the conflict with Iran ends soon.
G7 countries agreed Friday to release 100 million barrels of diesel and crude oil from their reserves through the International Energy Agency over four months to ease global energy supply concerns fueled by the Iran war. A significant amount of diesel will be released onto the market during the first 20 days. The G7 also left open the possibility of discussing additional diesel releases if necessary.
