The petrodollar has been a stabilizing currency for the world since the entire world needs oil.
If America, the world's largest oil producer is actively trying to end the oil industry, then why would other oil-producing nations use our dollars?
Two years later, with oil pushing $120 a barrel and U.S. inflation at 9 percent, Biden went groveling to Saudi Arabia, fist-bumping an unsmiling Prince Bin Salman, asking the kingdom to increase oil production.
If you wanted oil, and everyone needs oil, you bought the dollar, and that action, despite not having any pro-dollar intentions, did in fact boost the dollar.
Eighty dollars of oil is not the same as 540 Chinese yuan oil or 7,217 Russian ruble oil or 300 Saudi riyal oil.
Biden wants to forgo the oil industry and replace it with the Chinese green industry for something climate change existential crisis as he himself would say "You know, the thing." It is only a matter of time until America is hooked on Chinese green the way Americans are poisoned by Chinese fentanyl, and then China asks us to convert our currency to theirs for ongoing purchases.
As America built the Saudi and Russian oil industries, we are now building the Chinese green industry.
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