Joe Biden’s mismanagement of the Russia-Ukraine conflict as well as his administrations incompetence and weakness in other foreign affairs matters may doom the Petro-dollar as America’s two biggest oil-producing Gulf allies spurn the U.S in an unprecedented manner and turn to China.
Saudi Arabia and the United Arab Emirates have not only refused to bow to American pressure to sanction Russia but have actually ignored phone calls from Joe Biden who was vainly hoping they might increase their oil production to ease the price of oil following energy sanctions against Moscow.
Saudi Arabia has even suggested China may be permitted to buy its oil in Yuan while Bejing in return has offered weapons to both Saudi Arabia and the UAE, no strings attached.
Not only have the two giants of oil production ignored Biden’s phone calls, rebuked the U.S Secretary of Defense and refused to welcome the AMerican president on a visit to their countries they have continued to work very closely with the Kremlin and coordinate oil production levels and pricing.
Most worrying of all, both countries have a shown a willingness to sell their oil in currencies other than U.S Dollars. Oil being sold in U.S Dollars has made it the world reserve currency for decades and allows the U.S unparalleled economic, diplomatic and consequently military power.
One Saudi official was quoted recently by Israeli outlet DEBKAfile as remarking: “A more realistic discussion [of relations with Washington] should focus on one word: divorce.”
The Biden presidency may well be the last of the so-called Global American Empire or GAE as it’s commonly referred.
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