The petrodollar deal was originally signed on June 8, 1974, and was a key part of US global economic influence.
  • @[email protected]English
    8•5 months ago

    Makes sense to try to blitz oil sales as much as possible before renewables, commercial EVS and battery tech holistically tank commercial oil prices.

    Now that the US has committed to sustainable energy and battery tech and renewables are advancing so rapidly, there’s no reason for them not to diversify.

    I’ll be interested to know when the details come out if there is some sweetening of the deal coming from China though, given their economic slump and how this deal lapsing is going to affect the USD and RMB.

    Actually, does anyone know any concrete details about this deal or any further context?

    • @[email protected]English
      1•5 months ago

      There is also a practical matter of buying investments from countries like China, India or the EU in their currency without having the US take a cut.

    • @CosmoNovaEnglish
      1•5 months ago

      I think it’s not so much about renewables. Looks more like they‘re already running out of money because of insane overspending and need money now.

  • @[email protected]English
    4•5 months ago

    This is likely fake news.

    If true, this would be an important story, but it hasn’t been picked up by any major news outlets as far as I can tell.

    I am corrected by @[email protected] and retract my comment.