The G7 has agreed to release 100 million barrels of oil and diesel in a bid to ease supply pressures that have caused prices to skyrocket. The group of advanced economies, including the US, said the move would include a “substantial release” of diesel in the coming days. President Donald Trump had threatened to ban
International Energy Agency rules say member states, including the UK, must hold oil stocks equivalent to 90 days of net oil imports. EU rules say member must hold reserves to cover 61 days of domestic consumption. In total the EU holds nearly 109 million tons of emergency crude and fuel stocks, with around a third
With U.S. diesel prices rising to an all-time high this week, President Donald Trump added support to the calls from farm-state Republicans to implement a temporary ban on diesel exports. “I’ve said let’s not send out the diesel. We make a lot of diesel. I’ve called for it,” Trump said late Tuesday at the U.N.
US President Donald Trump has said he would back proposals to halt American diesel exports in a bid to ease prices for drivers at the pumps. His comments come after Republicans lawmakers put pressure on the president ahead of November’s mid-term elections to curb exports, as diesel prices soar to record highs in the US.
Forget about high gas prices. It’s record-breaking diesel that America is now starting to fret about. Lawmakers and economists have turned a more critical eye to all-time-high diesel prices in recent weeks, which remain on a record-shattering streak even as oil and gas prices have cooled. Crude crude has pulled back from $100 a barrel,
The price of diesel is hitting record highs just when many U.S. farmers need it to power combines, tractors and other equipment to harvest two of the nation’s largest commodities, soybeans and corn. The spike adds to an already tough year for these farmers, who also faced higher costs for fertilizer, seeds and equipment. Diesel hit a record
