Keep in mind that all OPEC has to do is suddenly refuse to accet US dollars for their oil and our reserve currency status is history.
The consequences of that are unimaginable.
hold on. here we go.
This is the more important issue. There has already been quite a bit of pressure from the BRIC’s on the issue of a new reserve currency and if the Saudis are on board, most of OPEC will go with them.
They don’t call them petrodollars for no reason.
It appears that a lot of folks here do not understand that without Saudi backing the US dollar is WORTHLESS. This could be a very very bad thing for the US economy. The only thing we really export bysides airliners/weapons is dollars. And the only reason we can export dollars is they are needed to buy Saudi oil. Should that change then the world will no longer need (or want) dollars and the value of a US dollar will drop to near nothing.
That’s the real hold on the US. We have plenty of oil and gas, and have known it for years. It’s their control on our fiat currency that’s the problem.