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The G7 will bail out the American Idiot with its strategic petroleum reserve after he proposed a 300-400m/b release, roughly a quarter of the total and equivalent to all of the remaining US strategic reserve. This is desperate stuff.
Or will it?
French Finance Minister Roland Lescure said the Group of Seven is “not there yet” on a coordinated release of emergency oil inventories in response to the Iran war, but insisted the bloc stands ready to act to stabilize markets.
Let’s change the headline to G7 jawbones oil after American Idiot blows it up.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.