Rep. Andy Harris called on European nations to release diesel reserves after global leaders agreed to a coordinated release of 100 million barrels to ease fuel prices. The IEA will oversee the effort, with G7 members front-loading substantial diesel supplies in the first 20 days. Recent disruptions in the Strait of Hormuz have tightened markets and helped push U.S. diesel prices to a national average of $6.37 per gallon, following a record $6.52 on Sept. 22.
G7 to Release 100M Barrels; Rep. Andy Harris Urges Europe To Share Diesel Reserves
Rep. Andy Harris, R-Md. (AFP via Getty)
Rep. Andy Harris (R-Md.) urged European countries Friday to release diesel reserves to help ease record-high fuel prices in the United States. Harris, who chairs the House Freedom Caucus, made the comments during an appearance on "Ed Henry: The Big Take."
Leading industrialized nations announced a coordinated plan to release 100 million barrels of oil over the coming weeks, with a particular emphasis on supplying "substantial" quantities of diesel to relieve market pressure. The International Energy Agency (IEA) will coordinate the multinational intervention.
"It will make a difference. Europe has been sitting on millions and millions of barrels of diesel, and it's about time they release it," Harris said. He added that some European partners had not assisted the United States in recent security efforts in the region and suggested they should now "step up and help."
G7 Statement: "We will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over 4 months, including a front-loaded substantial diesel release within the first 20 days by G7 members and partners."
The rise in diesel prices follows heightened hostilities and disruptions to shipping in the Strait of Hormuz since late February, a crucial chokepoint that previously carried roughly one-fifth of global oil shipments. Those disruptions have tightened markets and lifted both crude and refined fuel costs.
According to AAA, the national average retail price for a gallon of diesel in the U.S. was $6.37 on Friday, down slightly from a record $6.52 on Sept. 22. Officials said the planned release is intended to ease supply constraints and bring prices down over the coming weeks.
What Comes Next: The IEA-coordinated release is expected to be implemented over four months, with participating G7 members and partners prioritizing diesel shipments within the first 20 days to target immediate supply shortages.
Reporting contributions from international agencies were noted. This article has been edited for clarity, accuracy, and to remove promotional content.
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