Trump Rejects Diesel Ban as G7 Releases 100 Million Barrels

The Group of Seven (G7) nations agreed on Friday to release 100 million barrels of oil and refined fuel products over the coming weeks to lower fuel prices inflated by the conflict with Iran. Donald Trump praised the agreement, stating that the release of diesel would occur immediately to provide relief for consumers and farmers following record-high diesel prices last month.

While some Republicans advocated for a ban on U.S. diesel exports, Trump ruled out such a move, noting that the G7 agreement precludes export bans among member nations. He stated that both the United States and European nations, which possess significant diesel reserves, would contribute to the global supply. To further stabilize reserves, the U.S. is purchasing billions of dollars in oil from Venezuela.

Speaking at a campaign rally in Mobile, Alabama, and to reporters at the White House, Trump predicted the conflict with Iran would end very soon, possibly shortly after the upcoming election. He claimed Iran's economy is devastated by inflation exceeding 300 percent and asserted that oil prices will drop significantly once hostilities cease. Trump maintained that current fuel costs are temporary and necessary to ensure Iran never acquires nuclear weapons.