After a move by the Saudi-led OPEC+ oil cartel to cut oil production, which could send inflation in the US soaring, President Joe Biden said it’s time for the US to rethink its relationship with Saudi Arabia. CNN’s Natasha Bertrand explains what’s next for US-Saudi relations amid the ongoing spat. #CNN #News
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THE U.S.A. needs to become OIL INDEPENDENT!!!
we WERE oil independent
It was a net exporter under Trump..remember those 1.99 a gal prices .. Oh man .. This problem is created by BRANDON
Two countries that have a huge influence/control on politics in The US and the US can’t punish for thier crimes and wrongdoings. Israel and Saudi Arabia
cutting oil production may have been political theatre
but I did notice a big jump in gas and diesel fuel
Look out for interest rates now.
Why is Ukraine supported to make the decision by her own but Saudi is not? Why can’t Saudi decided how much she wants to produce?
Why are we depending on the Saudi’s when we have more than enough oil here domestically?
@Scurra you’re delusional
@Leroy 100 what happened is putin invaded Ukraine then annexed more Ukrainian land that’s what happened, but yes its a meaningless war started but putin.
The simple answer is greed… we have the full capability, but our system of control makes it neccessary to go elsewhere so our citizens are dependent on the system… unlike the rest of the world the us has fallen behind in education
Another huge reason we need Trump’s policies back. We don’t need to beg other criminals(MBS) for our oil needs.
You may disagree with Trump on a lot of subjects but when it came down to economics his policies were effective.
Liberals Love When You Mention This Obama Quote:
“Don’t Underestimate Joe’s Ability To F#%K Things Up” ….Priceless
We need to let the Saudi’s figure out things for themselves. The US should go on a NASA moon launch type mission to develop & manufacture molten salt nuclear reactors. Which you should learn about before rejecting.
IF saudi do increase production as US wants, oil would be near $60 which would impact US oil production becuase they will be barely making profit . Therefore US would have to import more.
You weren’t supposed to notice that
OPEC countries need to take advantage of these troubled times. Some day nations will be consuming a lot less oil since the explosion of renewable alternatives. During those days who would help buying their oil. Now it is the time.
More countries getting involved…I’m seeing a worrying pattern here
Former US grand strategist Zbignew Brzezinski said: “It is IMPERATIVE that no Eurasian challenger emerges capable of dominating Eurasia and thus of also challenging America”. Because the US has just 4% of the world’s population, and it’s isolated from the Eurasia continent which has 70% of the world’s population, or 87% with Africa included. Defensively, it’s an advantage to the US, but economically, it’s a handicap. That’s why economically, Eurasia is a competitor to the US and the Euro is a threat to the dollar.
How does the US with an isolated and just 4% of world’s population maintain its position as the world’s biggest economy? The dollar must stay as the world’s reserve currency. This allows the size of the US economy to be highly scaled up, instead of being sized according to the fundamentals.
To be the world’s reserve currency, the dollar must be circulated in the world. The US created a huge consumption-based economy and shifted manufacturing outside, so that dollars flow out of the US to product suppliers like China or Japan. To make products, China and Japan need energy. The US created the Petrol-dollar scheme, so that dollar is circulated to Saudi. With the US stock and financial market much more lucrative than other countries, the dollars from Saudi are attracted back to the US. Money printed in the US to exchange for goods from outside eventually ends up with the Wall Streets, where the rich gets richer. And that completes the cycle of circulation of the dollars.
The American Dream attracted top talents around the world to strengthen the US’ science and technology sectors, and a technological gap is maintained between the US and other major economy like China, so that the US benefits from highly lucrative high-tech product/patent exports, while low profit manufacturing sector is outsourced to China and Vietnam. This is why world leader in 5G, Huawei, are banned in 2019.
If China or Japan bring back all the dollars and exchange to their local currencies, it inflates the local currencies, making their exports expensive. So, China and Japan use some of the dollars to buy US debts (treasury bonds). That’s why the US, a rich country, is in-debt to China which has just 1/5th of the US’ GDP per capita.
And by holding US treasury bills, China and Japan have to support the US dollar, for if the US dollar collapses, their hard earn money would become worthless. After Obama’s “Pivot to Asia” in 2011, which aimed to contain China, China introduced the Belt and Road Initiatives (BRI) in 2013 and diverted some of the dollars into it to reduce the risk of putting all eggs in one basket, and hoping that after these countries are developed, China would have a wider trade market.
With a huge population, if Asia and Africa develop rapidly, the share of the US’ economy shrinks, then the Euro could replace it as the world’s reserve currency. When that happens, the US would no longer be able to print money out of nothing without a hyper inflation like Venezuela. Then the size of the US economy has to fall back to the fundamentals, which today is quite a lot smaller than the inflated economy. That’s why no country in Eurasia is allowed to catch up with the US’ economy. When Japan was catching up fast on the US in the 1980s, they were knocked down to a three decade stagnancy by appreciating the Japanese Yen. And in the last 30 years, the US created conflicts, wars and color revolutions in the Middle East, Central Asia and Africa to destabilise the Eurasia-Africa supercontinent.
When the US prints a lot of money, other countries’ foreign reserves in dollars shrink in value. Furthermore, to prevent exports to the US becoming expensive, these countries have to print money too, which devalues the savings of the people, and causing inflations in these countries. It’s estimated that our savings devalue by 6-9% per year after the abolishment of the gold-backed Bretton Woods system, after which the US prints money based on just the creditability of the dollar.
North America is relatively easy to defend, yet the US has a military budget more than the total of the next 9 countries in the top 10, to protect the dollar with its 800 military bases worldwide.
For the record, the US had no mercy on threats to the dollar:
* In 2000 Saddam Hussein said he would start selling oil in Euros not Dollars.
>> Saddam was hanged by the US.
* In 2009 Gaddafi made Libya export oil in Gold Dinars, not in dollar or Euro.
>> Gaddafi was killed by US-backed NTC.
* Syria had an independent Central Bank NOT under Federal Reserve controlled Bank of International Settlements.
>> Obama attempted to overthrow Bashar al-Assad.
* Iran has been trading oil in currencies other than US dollars since 2011.
>> Iran was being sanctioned by the US.
* After being sanctioned in 2014, Putin started to trade in non-dollar. In 2019, Putin (1) completely ditched dollars in oil trades, (2) sold almost all the US treasury bonds, (3) is now the forerunner in de-dollarization.
>> The US tried to topple Putin by supporting Alexei Navalny. And now the Ukraine war to weaken Russia.
* China (1) introduced the BRI in 2013 which helps many countries to develop and speed up the integration of Eurasia, (2) used non-dollar in oil trades with Iran and Russia, (3) introduced the CIPS, an alternative to the West’s SWIFT system which has been weaponized by America, (4) China’s economy and high technology are catching up fast.
>> China has become the US’ #1 target.
If a country supports the dollar, it’s being looted; if a country doesn’t support the dollar, the government is changed by the US. This is financial slavery.
The Fed has printed 80% of all US dollars in existence since Jan 2020. There was $4.02 trillion dollars in circulation at the beginning of 2020. The number reached $20.08 trillion by Oct 2021. This amounted to an astronomical 30 trillions debt. Coupled with a global rising urge to diversify into non-dollar reserves caused by the US’ sanctions to 39 countries, the dollar is in a creditability crisis. This is the major development which shapes geopolitics in the world today.
The US cannot have direct wars with Russia and China because they are nuclear armed. Proxy wars put the battlefields outside of the US, and the US would looked like an outsider. Remember in the 1980s, the US supported the Afghan Mujaheddin in a proxy war against the USSR. Russia and China have clearly defined their redlines. US would use its collaborators Zelensky and Tsai to push across the redlines to trigger the wars, and it would sell weapons to its allies in NATO and AUKUS, and get them to support the wars.
After the dissolution of the USSR in 1991, US President Bill Clinton had two choices: (a) to integrate Russia into Europe and abolish NATO, OR, (b) to slowly alienate Russia to keep Russia and Europe divided. Clinton chose the latter, because if there’s no more Russia “threat”, there would be no more NATO to control Europe. As the first NATO Secretary General, Lionel Ismay described the military role of NATO: “To keep America IN, to keep Russia OUT, to keep Germany (Europe) DOWN”. NATO also allows the US to place missiles in Europe, so if a war break out in Europe, missiles would be flying between Moscow the East and Lisbon in the West, while the US remains safe across the Atlantic.
And politically, the EU is an American creation, as much as a European one. It’s much easier for Washington to control ruling elites at Brussels than having to control all politicians in Europe. The EU is used an ally or a sacrificial depending on the geopolitical needs of Washington.
The proxy war in Ukraine: 1.Divided Europe from Russia and divided Eurasia. 2.Killed Nord Stream II gas pipeline and German firm Energie Baden-Wuerttemberg has signed up for gas from America Venture Global LNG for 20 years. The US gained control over energy supply to Europe. 3.Created continuity for the Military Industrial Complex after pulling out of Afghanistan. 4.Most importantly, the war strengthened the dollar. Dollar against Euro is now the highest since NATO’s bombing of Yugoslavia in Mar 1999 (happened two months after the official launch of Euro as the currency of the EU, which threatened the dollar). A strong dollar together with the Fed’s interest rise in 2022 cause capitals from all over the world to flow into the US’ economy, while collapsing other economies, like Sri Lanka.
Else where, two months after ignoring a warning from Washington against his visit to Moscow, highly popular Imran Khan was ousted from the PM post of Pakistan on 9 Apr 2022. A month after ignoring Biden’s demand to increase oil production, secretary-general of OPEC, Mohammad Barkindo died unexpectedly on July 6 2022.
The US isn’t relinquishing its privilege to loot. Remember after WW II, Europe and Asia were devastated, but the US emerged as the world leader and the dollar became the world’s reserve currency.
it’s all about money money money… it rules and corrupts the world
US used a short term gain to release 2 million barrels of SPR oil per day for 6 months artificially deflating the price of oil which is pegged to the US dollar. The US dollar has sky rocketed on the Forex market due to global investors trying to find a safe haven to stave off inflation woes and economic instability on a global scale. Now Saudis and other OPEC nations have to contend with a trade exchange imbalance sheet and billions of USD lost revenue with US not being a oil customer because of the net oil gain. I’d be pissed off too if I was a OPEC exporting nation. It’s interesting that the cut is exactly 2 million barrels which is the exact amount the US threw into the market for 6 months. That’s a signal of tit for tat in the chess game of oil.
Maybe the US should blockade oil delivery and pick-ups… see how it goes when they have no way to sell what they have.
Bruh I think y’all are missing the entire point 😭 it’s not about the oil it’s about them literally siding with Russia who is currently invading Ukraine
Why did democrats stop all oil drilling platforms in the Gulf of Mexico, why didn’t Biden go to Texas, Oklahoma for oil not begging Venezuela
We should use everyone else’s oil before we touch ours. People don’t realize how much our national security depends on oil. Look up how much oil our military uses everyday then consider our national security. Again use everyone one else and pay what ever the cost before we touch ours.
“When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed.”