Posted on 10/02/2026 12:10:02 PM PDT by E. Pluribus Unum
Move was made to help bring down the soaring price of diesel and other fuels
PARIS—The Group of Seven major economies agreed to release 100 million barrels of crude oil and fuel from their emergency stocks and not to restrict exports, aiming to bring down the soaring price of diesel and other fuels.
On his Truth Social platform, President Trump said European nations agreed “to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately.”
The G-7 statement said the reserve release would happen over four months.
The announcement would seem to end the threat of a U.S. ban on diesel exports, at least for now. The G-7 countries agreed to “take no measures to restrict the exchange of energy and petroleum products between partner countries,” French President Emmanuel Macron said.
The first batch of the release will give priority to diesel. It will begin immediately and last for 20 days, the group said.
The Iran and Ukraine wars have squeezed exports from two of the world’s biggest diesel-producing regions, sending prices to records around the globe. The Trump administration had earlier considered restrictions or an outright ban on U.S. exports in an effort to curb prices ahead of next month’s midterm elections.
Trump expressed support for a ban last week. Later, though, after a lobbying blitz in Washington by oil companies and their trade groups, he said such a move could cause gasoline prices to rise.
A ban could have been catastrophic for supplies overseas. The rest of the world has relied heavily on U.S. diesel, with much of Middle Eastern and Russian exports blocked from...
(Excerpt) Read more at wsj.com ...
Why are many energy products so costly? Government. Government. Government.
It’s happening...
Are you kidding? That's free money!
Ohio just suspended State Tax of 38.5 cents on gas and .47 cents on diesel. Effective for 90 days. That will be a big help here
G-7
BINGO!
Many years ago, some clever Germans printed up stickers, a pie chart showing the "additional" costs, i.e. taxation -- and were quietly sticking them to the pumps at stations all around the nation. The governments, state and federal, were "not amused." Wish I kept one as a souvenir.
The difference is that the DEMS actually want to keep the prices high because they think the voters will blame Trump. Therefore, they will blame GOP on the mid term ticket.
Right. This is a lot better than an export ban by the USA, and it is notably risky for the Euro’s. It is certainly NOT even a medium term fix, much less long term. I hope Trump got some agreement to help with pressure on Iran (although that too increases risk in the short term for the Euros.)
I don’t see any way that this alone reduces diesel prices by more than a dollar, here in the US.
Medium term (say, 6 months to a year), export limits that ended up with “full” supply to the US and anything more can be exported for whatever the overseas market will bear would bring US prices much lower, but it is admittedly a very tricky alternative that, given the history of gov’t monkeying around in these markets, could readily backfire.
Good luck finding the refinery capacity. But if it brings crude prices down maybe everyone will figure the soaring costs of gas and diesel are less than 1/3 driven by crude price and over 2/3 driven by refinery margins - and that Zelenskyy and Newsom are responsible for decreased refinery capacity in 2026.
Bull's eye! And kudos for clarity!
It’s not at all rude
to release lots of crude.
With the midterms to win
it’s really no sin.
When prices did jump
at the voters gas pump
it endangered our chances
of supporting our Vances.
About 10%.
For comparison, the amount of fluid that exits an automobile coolant system into the overflow reservoir as the engine warms up is about 6%. But that 6% makes all the difference in the world.
Today they would be caught on camera and prosecuted.
It is as likely as not that the threat of a Trump export ban precipitated the release.
Any luck with gaining authorization to BUILD more refinery capacity? If this is the bottleneck, then a crash priority program of getting such facilities online is much overdue.
TANSTAAFL: Reduce those taxes and Germany’s debt increases. Cut bennies, and the lower classes will riot.
I looked back at a “normal” situation:
Global diesel fuel consumption in 2025 is estimated to be approximately 28 to 29 million barrels per day.
You forgot to add it is liberal left wing progressive government. If socialist governments were in charge of the Sahara Desert there would soon be a shortage of sand. If communists were in charge of the Sahara Desert there would be a shortage of sand but also Sand Baron Oligarchs of immense wealth.
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