G7 nations agree to release 100 million barrels of oil, including diesel

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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.

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.

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.

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