I’m not sure if they even agreed to it, it would be typical for Trump to try to rub losses he has caused off on someone else.
One thing is sure, USA has lost a lot of credibility among all the GCC countries, it shall be interesting to see how much it hurts the petro dollar, because if that goes, so will an enormous amount of petro dollar investments back into USA.
it shall be interesting to see how much it hurts the petro dollar, because if that goes, so will an enormous amount of petro dollar investments back into USA.
That investment was important in the past but no more than any other country. The US isn’t really a market for their oil or gas, and while Russia is embargoed theres plenty of other countries willing to invest to secure access. Look at how well China has been doing of late with all that cheap Russian and Iranian oil.
Also, where would that investment actually go? Fracking? Greenland? Arctic? Maybe they’ll pivot to solar and Tromps dreaded wind turbines (or ‘windmills’ as he calls them, the fucking moron).
The US isn’t really a market for their oil or gas,
That is not at all what the petro dollar is about. It’s about USA ensuring the safety of the GCC countries, and in return the GCC countries are selling oil for USD, this increases international demand for USD to buy oil. GCC countries are then investing most of those dollars back into American companies. If that cycle is broken, demand for USD will decrease dramatically, and a lot of investments would disappear from USA too. Whoever buys the oil is irrelevant, as long as it is paid in USD, the petro dollar is maintained.
I’m not sure if they even agreed to it, it would be typical for Trump to try to rub losses he has caused off on someone else.
One thing is sure, USA has lost a lot of credibility among all the GCC countries, it shall be interesting to see how much it hurts the petro dollar, because if that goes, so will an enormous amount of petro dollar investments back into USA.
We live in interesting times.
That investment was important in the past but no more than any other country. The US isn’t really a market for their oil or gas, and while Russia is embargoed theres plenty of other countries willing to invest to secure access. Look at how well China has been doing of late with all that cheap Russian and Iranian oil.
Also, where would that investment actually go? Fracking? Greenland? Arctic? Maybe they’ll pivot to solar and Tromps dreaded wind turbines (or ‘windmills’ as he calls them, the fucking moron).
That is not at all what the petro dollar is about. It’s about USA ensuring the safety of the GCC countries, and in return the GCC countries are selling oil for USD, this increases international demand for USD to buy oil. GCC countries are then investing most of those dollars back into American companies. If that cycle is broken, demand for USD will decrease dramatically, and a lot of investments would disappear from USA too. Whoever buys the oil is irrelevant, as long as it is paid in USD, the petro dollar is maintained.