The petrodollar deal was originally signed on June 8, 1974, and was a key part of US global economic influence.
  • Varyk@sh.itjust.worksEnglish
    6·
    6 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?

    • CosmoNova@lemmy.worldEnglish
      1·
      6 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.

    • Tryptaminev@lemm.eeEnglish
      21·
      6 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.

  • rammer@sopuli.xyzEnglish
    32·
    6 months ago

    This is a momentous shift. The almighty petro-dollar has been dealt a serious blow.