Energy Secretary Chris Wright on Saturday hailed the G7’s decision to release 100 million barrels of oil and refined products through the International Energy Agency, saying the move would benefit U.S. farmers, truckers and builders. This follows a request for proposal (RFP) released by the U.S. for oil loans from the Strategic Petroleum Reserve (SPR), which Wright termed a move that will benefit U.S. agriculture and transportation sectors.
Wright Hails Diesel Release
In a post on X, Wright said that the “100-million-barrel release” of oil announced by European countries would result in “tremendous benefits for American farmers, truckers, and builders.” The Energy Secretary then hailed President Donald Trump. “Thank you, President Trump, for continuing to put American workers first,” Wright said.
According to a statement released on Friday by the Embassy of France in the U.S., the 100-million-barrel release committed to the International Energy Agency (IEA) will “begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners.”
The national average price of diesel in the U.S. has remained elevated over the past few months, but on Monday, the prices saw a decline, retailing for $6.3207/gallon on average, according to data from the American Automobile Association (AAA).
Middle East Oil Moves?
The comments come as the movement of oil from the Middle East has ramped up in recent weeks, according to data from ship tracker Kpler. However, despite the surge of oil, attacks on vessels in the Strait of Hormuz have also increased as tensions between Iran and the U.S. continue to escalate.
Canada has fast-tracked plans for a new pipeline from Alberta to British Columbia that would have the capacity to transport a million barrels of oil per day to the Pacific coast, opening greater access to Asian markets.
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