7 The G7, an organization of major industrialized countries, has agreed to release 100 million barrels of oil from its strategic reserves. It will start with releasing diesel on a large scale. This step has been taken after the price of fuel in America reached a record level. US President Donald Trump said that the process of releasing diesel will start immediately.
Huge pressure on Donald Trump and Republican Party
Donald Trump and his Republican Party are under immense pressure to control rising prices ahead of the midterm elections in November. Trump announced the decision on social media on Friday, saying, “Europe has agreed to release a large amount of its heavily stockpiled diesel.” This process will start immediately.
Strong increase in gas and fuel prices
There has been a huge surge in the prices of oil and other commodities in the US due to the Iran war and trade conflicts, due to which Trump’s popularity ratings are falling. During this war that has been going on for 8 months, the prices of gas and fuel have skyrocketed in America and other countries. However, Trump has repeatedly said that this price is justified to be paid to prevent Iran from acquiring nuclear weapons. They have been claiming that prices will come down after the war ends, although there is no end in sight to this war.
Price of 1 gallon diesel reached $6.37 on Friday
According to the American Automobile Association (AAA), the average price of a gallon of diesel in the US stood at $6.37 on Friday after reaching a record high of $6.52 on September 22. According to the French Embassy in the US, Trump had discussed rising fuel prices and the availability of petroleum products with G7 Chairman and French President Emmanuel Macron in the night. After this, Macron chaired a meeting of G7 leaders through video conference on Friday to discuss the issue.
G7 member countries will release diesel on a large scale
The International Energy Agency (IEA) will coordinate this effort to deal with rising fuel prices. “We will immediately implement our commitments to release 100 million barrels of oil through the IEA, which will last for four months,” France said in the statement. Under this, G7 members and partner countries will release diesel on a large scale within the first 20 days.” A new AP-NORC poll found that most Americans hold Trump responsible for rising prices, and his popularity rating for managing the economy has reached a new low.
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