G7 to Convene Emergency Talks on Diesel Release Amid Rising Fuel Prices

The Group of Seven is set to hold an emergency meeting on Friday afternoon to decide whether to release additional diesel reserves in response to escalating fuel costs. The discussion follows pressure from the United States, which has warned European members that failure to act could trigger an export ban. France has floated a proposal to release 50 million barrels of diesel and 50 million barrels of crude oil, while the U. S. has demanded that France release 100 million barrels of diesel over 180 days. British Foreign Secretary Ed Miliband will participate in the call, and the Elysée has pledged to host the meeting “as soon as possible.”