The Group of 7 leaders are meeting this week in Hiroshima, Japan, to celebrate the success of a novel effort to stabilize global oil markets and punish Russia. The Biden administration proposed capping the price that Moscow could command for every barrel of oil it sold on the world market. Since the price cap took effect in December, official and market data suggest it has achieved its twin initial goals. Russia’s oil revenues have dropped, forcing budget choices that administration officials say could be starting to hamper its war effort. Drivers in America and elsewhere are paying far less at the gasoline pump than some analysts feared. The success of the price cap is a source of relief for President Biden as high inflation continues to hamper his approval among voters.
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