Reports of the petrodollar system’s demise are ‘fake news’ — here’s why
Facts And Fact Checking,Economy And Jobs,US Dollar,Saudi Arabia,Oil,Energy,Foreign Affairs,Middle East,Misinformation Watch
It seemed like big news, and many wondered why the mainstream media had seemingly ignored it. Turns out, there was a very good reason.
Earlier this week, reports circulating widely on social-media platforms like X offered up a shocking proclamation: A 50-year-old agreement between the U.S. and Saudi Arabia requiring that the latter price its crude-oil exports in U.S. dollars had expired on Sunday.
The collapse of the accord would inevitably deal a fatal blow to the U.S. dollar’s status as the de facto global reserve currency, various commentators on X opined. Surely, financial upheaval lay ahead.
Almost immediately, Google searches for the term “petrodollar” spiked to the highest level on record dating back to 2004, according to Google Trends data.
