Barrel Rollout

The Group of 7 is turning on the (oil) tap.

On Friday, G7 nations (U.S., Canada, France, Germany, Italy, Japan, and the U.K.) announced they were releasing 100M barrels of oil over the next four months to stabilize the market and prevent further “price shocks” at the pump (see what the G7 promised). The barrel rollout would fulfill the G7’s March commitments and includes a “substantial diesel release within the first 20 days” to combat average diesel prices above $6.

The decision came after President Trump threatened to ban diesel exports, which one European diplomat called “blackmail.” Trump later said the ban was “never really ever on the table,” but praised Europe’s decision to tap its reserves.

The International Energy Agency, which will coordinate the flow, said global oil prices were “starting to fall” following the G7’s announcement.

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CHRISTIAN PERSPECTIVE
When deals are struck that impact our wallets, it can be easy for our emotions (whether positive or negative) to flare. But believers have reason to be joyful and generous in all kinds of circumstances, whether diesel costs $6 or 60¢.

“I know how to make do with little, and I know how to make do with a lot. In any and all circumstances I have learned the secret of being content—whether well fed or hungry, whether in abundance or in need. I am able to do all things through him who strengthens me.”
Philippians 4:12-13 (CSB) (read full passage)