The 50-year petrodollar agreement between the United States and Saudi Arabia that designated the U.S. dollar as the global-trade currency for oil sales ended on June 9. The U.S. dollar was essentially the “gold standard” of the global oil trade. Now this is no more, renewing concerns about “de-dollarization” and the future of the American economy.
“Oil exporters settle sales in U.S. dollars because the dollar is the most widely used currency, making it easier for them to invest export proceeds,” explains Investopedia.
Last year, the Heritage Foundation blamed U.S. sanctions for the continued decline of the dollar. Economist Peter St Onge noted that “unprecedented U.S. sanctions against Russia — designed as retribution for Vladimir Putin’s invasion of Ukraine — have been driving friendly countries, from Brazil to Saudi Arabia, away from the dollar and into the arms of the BRICS coalition of anti-dollar nations led by China.” […]
Read the rest of this story here: thefederalist.com
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