G7 countries have agreed to release 100 million barrels of diesel and crude oil from emergency reserves in an effort to bring down soaring global fuel prices. The release will begin immediately and run over four months, with a substantial amount of diesel due to reach the market within the first 20 days.
The decision follows pressure from Washington on European countries to tap their emergency stocks, including the prospect of restrictions on US diesel exports. The G7 has now committed to refrain from energy export restrictions between its members.
Dr. Harold “Skip” York, Nonresident Fellow in Energy and Global Oil at Rice University’s Baker Institute, explains whether 100 million barrels is enough to move prices, why expensive diesel affects the wider economy.
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