Since the early 1970s, most major oil deals have been transacted in “petrodollars.”
But that system has become increasingly challenged in recent years.
The conflict in Ukraine right now has only served to exacerbate things.
Since the early 1970s, most major oil deals have been transacted in “petrodollars.”
But that system has become increasingly challenged in recent years.
The conflict in Ukraine right now has only served to exacerbate things.
In addition to all of its other problems, Ukraine is also at the center of an increasingly messy energy situation.
Thanks to additional new U.S. pipeline capacity and the growing volume of oil product exports from American refineries, the glut of excess storage at Cushing, Okla., is shrinking.
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