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The Associated Press
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Kate Abnett
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The Group of Seven industrial nations said they agreed to release 100 million barrels of oil, starting with “substantial” amounts of diesel after the fuel recently hit record prices in the United States, where President Donald Trump said the diesel release would happen “immediately.“
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Trump and his Republican Party face pressure to address surging prices ahead of November’s midterm elections. Trump announced the action Friday on social media, saying, ”Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately.”
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The president faces lagging approval ratings as the Iran war and his trade battles have increased U.S. prices for oil and other goods.
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Gas prices in the U.S. and abroad have soared during the eight-month-long war, a cost Trump has repeatedly said is worth it for making sure Iran does not obtain nuclear weapons. Trump has insisted prices will come down after the war, though there’s no end in sight.
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