From Dallas Express · Dallas Express · · 1m
G7 Releases 100 Million Barrels of Oil
G7 to release 100 million barrels of oil and fuel as diesel prices hit record highs.
In brief
G7 to release 100 million barrels of oil and fuel as diesel prices hit record highs. G7 leaders agreed to release 100 million barrels of oil and fuel over four months, prioritizing diesel to address near-record high diesel prices. Originally reported by Dallas Express.
G7 Agreement
G7 leaders agreed to release 100 million barrels of oil and petroleum products over four months, prioritizing diesel during the first 20 days.
Immediate Release
The release will begin immediately through the International Energy Agency, according to the leaders' joint statement.
Diesel Price Trends
U.S. diesel averaged $6.37 a gallon Friday, down from $6.39 Thursday and the September 22 record of $6.53.
Texas Diesel Prices
Texas diesel averages $5.79, compared with $5.31 a month earlier, while Dallas averages $5.75.
State Policy Change
Gov. Greg Abbott eased state dyed-diesel restrictions and allowed heavier fuel, agricultural and timber loads Monday.
Refinery Coordination
G7 agreed to coordinate refinery maintenance to avoid simultaneous shutdowns and temporarily increase operating rates where feasible.
The big picture
G7 leaders agreed to release 100 million barrels of oil and fuel over four months, prioritizing diesel to address near-record high diesel prices.
