The Group of Seven Nations agreed Friday to release 100 million barrels of oil from its stockpiles—following a desperate plea from the White House.
The G7 held an emergency meeting Friday morning to discuss global energy costs. The discussion came in the wake of a pressing call between Donald Trump and French President Emmanuel Macron, during which the U.S. leader asked for assistance amid the current oil crisis and floated the idea of banning U.S. diesel exports, according to CBS Chief Foreign Affairs Correspondent Margaret Brennan.
Donald Trump announced after the meeting that “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately.”
The European barrels are expected to hit the market over the next four months.
Don’t forget freight ships. A quarter or so of worldwide commerce is international shipping by sea. I’m not aware that there’s any commercially viable solution for powering these ships with renewables. The closest I know of are US Navy Carriers, which don’t require diesel, but they’re powered by nuclear reactors, which are neither renewable nor commercially viable (not that the USN would care about profitability) and require a huge amount of expertise to maintain.
Ships use bunker fuel, which varies in refinement between 1 notch above crude oil to slightly thinner.
Then I have been misinformed, thanks for the correction. Still, they’re dependent on oil for now, which is gonna become more and more of a problem than it already is.