> Saudi Arabia is threatening to sell its oil in currencies other than the dollar
Dumb threat. Streisand effect, too—this bill just went, for me, from something I didn't know about to something that's on my radar.
Go ahead, sell in other currencies. Your buyers will bake in the swap costs to hard currency. It isn’t like Mexican oil isn’t sold for pesos or North Sea oil for pounds sterling or kroner. The petrodollar hypothesis is a myth. The United States, now [EDIT: nearly] a net oil exporter, does not depend on Saudi oil.
Dumb threat. Streisand effect, too—this bill just went, for me, from something I didn't know about to something that's on my radar.
Go ahead, sell in other currencies. Your buyers will bake in the swap costs to hard currency. It isn’t like Mexican oil isn’t sold for pesos or North Sea oil for pounds sterling or kroner. The petrodollar hypothesis is a myth. The United States, now [EDIT: nearly] a net oil exporter, does not depend on Saudi oil.