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Trump says Europe has agreed to release "massive amount" of diesel oil from stockpiles
CBS News • • business
Key Points:
- President Trump announced that European leaders have agreed to release a "massive amount" of diesel oil from their stockpiles to help reduce high fuel prices, following a G7 emergency meeting.
- The G7 leaders confirmed a coordinated release of 100 million barrels of diesel over four months, with a substantial front-loaded release in the first 20 days.
- The G7, including Canada, France, Germany, Italy, Japan, the UK, the U.S., and the EU, emphasized refraining from export restrictions on energy products to avoid worsening market tensions.
- Rising diesel prices in the U.S. are significantly impacting various sectors, including schools, farmers, small businesses, and food banks, due to increased fuel costs.
- President Trump has threatened to ban U.S. diesel exports, but the G7 statement discouraged such bans without directly referencing Trump.
