What is truth?

by Tyler Durden

With the US shale revolution set to make America the largest exporter of crude,
however briefly, the influence of Saudi oil is rapidly declining. This has been
felt most recently in the cold shoulder the US gave Saudi Arabia and Qatar first
over the Syrian debacle, and subsequently in its overtures to break the ice with
Iran over the stern objections of Israel and the Saudi lobby (for a good example
of this the most recent soundbites
by Prince bin Talal
). But despite the shifting commodity winds and the
superficial political jawboning, the reality is that nothing threatens the US
dollar’s hegemony in what many claim is the biggest pillar of the currency’s
reserve status – the petrodollar, which literally makes the USD
the only currency in which energy-strapped countries can transact in to purchase
energy. This may be changing soon following news that the Shanghai
Futures Exchange could price its crude oil futures contract in yuan, its
chairman said on Thursday, adding that the bourse is speeding up preparatory
work to secure regulatory approvals.
……………

full article : http://www.zerohedge.com/news/2013-11-21/china-fires-shot-across-petrodollar-bow-shanghai-futures-exchange-may-price-crude-oi

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