Relief At The Pump? Trump Secures Massive Oil Release From Europe

President Donald Trump secured a commitment from European allies to release emergency fuel reserves Friday, advancing his push to ease prices at the pump a month before the midterm elections.

The broader G7 agreement calls for releasing 100 million barrels of crude oil and fuel products over four months, with a substantial diesel release in the first 20 days. The International Energy Agency will coordinate the effort.

“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump wrote on social media Friday morning.

“The process will begin immediately.”

The announcement followed a round of calls by Trump, who spoke with French President Emmanuel Macron on Thursday night and G7 leaders Friday morning to negotiate the European diesel release, according to a White House official.

American drivers have been feeling the squeeze. Diesel prices hit a record above $6.50 a gallon Sept. 22, according to AAA.

Regular gasoline averaged $4.40 nationally Friday, roughly 10 cents below the previous week but still about 20 cents higher than last month and $1.20 above the same point last year.

POLL: Should Trump Cut Off Aid To Countries That Side With Iran Over America?

Releasing emergency supplies could help bring down global fuel prices as the Iran conflict continues to disrupt energy markets.

G7 leaders also condemned Iran’s actions threatening international trade, energy security and the global economy.

“We call for the immediate and full restoration of navigational rights and principles in the Strait of Hormuz,” the statement added.

The agreement followed pressure from Washington to get European governments to open their reserves. Reuters reported, citing sources, that U.S. officials had threatened a diesel export ban targeting European countries that declined to release stockpiles.

The administration has been considering export restrictions to keep more fuel in the United States. U.S. energy companies have opposed the idea, warning that a ban could push prices higher.

RELATED: US Economy Crushes All Expectations In Second Quarter

With the Nov. 3 elections approaching, fuel costs and the war have become difficult campaign issues for Republicans. More GOP figures have urged Trump to end the conflict as the party fights to retain control of Congress.

Lara Trump, the president’s daughter-in-law and a former Republican National Committee co-chair, acknowledged this week that the Iran war “could cost” Republicans the midterms.

When the Daily Mail asked Trump about her comments Thursday, he acknowledged the possibility.

“Well, it’s possible.”

Trump has repeatedly promised that gasoline prices will drop after the midterms. His next move toward Iran remains unclear, leaving uncertainty over how long the conflict will disrupt energy supplies.

Friday’s agreement begins the release before voters head to the polls, though the effect on U.S. pump prices remains to be seen.

POLL: Should Trump Cut Off Aid To Countries That Side With Iran Over America?