The G7 Is Releasing Emergency Fuel Reserves. How Much Will It Help Americans?

The Group of Seven (G7) countries said Friday that the nations would release 100 million barrels of oil and fuel products in the coming months, starting with “substantial” amounts of diesel. The move comes amid a global shortage largely attributed to slowdowns of the passage of oil through the Strait of Hormuz.A joint statement from the G7 nations—Canada, France, Germany, Italy, Japan, the United Kingdom, and the U.S.—confirmed that the International Energy Agency (IEA) will coordinate the release over the next four months. It calls the move a part of “decisive, coordinated measures to stabilize immediate energy supplies” amid record-high fuel prices driven by the war in Iran and the recent escalation of fighting between Russia and Ukraine.“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” President Donald Trump wrote on Truth Social on Friday. “The process will begin immediately.”In talks leading up to the announcement on Friday, Trump had been pushing European partners for the release, citing high fuel prices for Americans. Last month, the Trump Administration threatened to temporarily suspend its exports of diesel—earning immediate backlash...