The petrodollar, which helped build the US dollar’s hegemony, is under siege as several countries including China, Russia, India, and Brazil are increasingly trading oil and energy in local currencies, ditching the dollar1. If Saudi Arabia announces it will no longer price oil exclusively in dollars, it would formally signal the end of the dollar’s status as world reserve currency, which would have catastrophic consequences2. The United States uses the power of petrodollars to enforce its foreign policy, and many countries are afraid to fight back for fear of the collapse of the petrodollar system
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