To: President Donald Trump, The United States House of Representatives, and The United States Senate
President Obama Please End the Petrodollar's Scheme
The US made a deal with OPEC back in the early 1970's to only sell oil in US Dollars as a means to keep the US Dollar as the World's reserve currency. As a result, when the US Dollar declines crude oil prices go up and vice versa. Their price chart comparisons bares this out.
OPEC needs to be able to sell oil using a basket of currencies. The BRICS have already dumped the US Dollar for trading.
One simple policy change of having OPEC sell oil using a basket of currencies will:
1) Bring oil prices down tremendously around the world.
2) Take the profitability out of risky oil explorations - like fracking, Alaskan oil drilling, etc. It will stop them in their tracks.
3) Help stimulate the world economy.
4) Help the US Manufacturing sector.
5) Will open the door for alternative energy to gain a real foothold.
6) Prevent a few future wars
7) Increase US exports around the world.
8) And more.
OPEC needs to be able to sell oil using a basket of currencies. The BRICS have already dumped the US Dollar for trading.
One simple policy change of having OPEC sell oil using a basket of currencies will:
1) Bring oil prices down tremendously around the world.
2) Take the profitability out of risky oil explorations - like fracking, Alaskan oil drilling, etc. It will stop them in their tracks.
3) Help stimulate the world economy.
4) Help the US Manufacturing sector.
5) Will open the door for alternative energy to gain a real foothold.
6) Prevent a few future wars
7) Increase US exports around the world.
8) And more.
Why is this important?
For more than 40 years high oil prices have adversely affected the United States and the rest of the World. One simple policy can change that. And its NOT, "DRILL BABY DRILL".