It’s about oil, but it’s about so much more than oil. (Let’s not forget ExxonMobil’s history in Venezuela involves deep roots from Standard Oil (1920s) to its 2007 expropriation by Hugo Chávez, sparking a lengthy international legal battle over compensation for seized heavy oil assets, culminating in arbitration awards (around $1.6 billion) that Venezuela initially resisted paying but eventually settled partly, though the long-term deal structure remained complex amidst political shifts and declining production.
Lots of trading for oil is done with US currency. This increases the demand for US currency and inflates it. Other countries are getting tired of America’s bullshit and switching to the petroyuan, which is form of the official Chinese currency, the yuan intended at least initially for oil trading. One of the reasons the petroyuan was created was that Russia, Venezuela and Iran may be able to avoid the United States’ sanctions, so nations such as Saudi Arabia, one of the main oil producers and extractors could avoid dollar hegemony and U.S. pressure. If enough countries switch to the petroyuan it will fuck the economy and the US dollar the way trump rapes little girls.
It’s about oil, but it’s about so much more than oil. (Let’s not forget ExxonMobil’s history in Venezuela involves deep roots from Standard Oil (1920s) to its 2007 expropriation by Hugo Chávez, sparking a lengthy international legal battle over compensation for seized heavy oil assets, culminating in arbitration awards (around $1.6 billion) that Venezuela initially resisted paying but eventually settled partly, though the long-term deal structure remained complex amidst political shifts and declining production.
Lots of trading for oil is done with US currency. This increases the demand for US currency and inflates it. Other countries are getting tired of America’s bullshit and switching to the petroyuan, which is form of the official Chinese currency, the yuan intended at least initially for oil trading. One of the reasons the petroyuan was created was that Russia, Venezuela and Iran may be able to avoid the United States’ sanctions, so nations such as Saudi Arabia, one of the main oil producers and extractors could avoid dollar hegemony and U.S. pressure. If enough countries switch to the petroyuan it will fuck the economy and the US dollar the way trump rapes little girls.
What we are seeing here directly mirrors what happened in Iran in the 1950’s through 1980’s. The Anglo-Iranian Oil Company (AIOC) (now known as BP) played a central role in the events leading to the 1953 coup d’état that deposed Iran’s democratically elected Prime Minister, Mohammad Mosaddegh. Mosaddegh’s push to nationalize Iran’s oil industry, previously controlled by the British-owned AIOC, directly motivated the British and American governments to orchestrate his overthrow (known as Operation Ajax or Operation Boot).
Thanks for the additional context.
It is of course about all supposed benefits to the US of economic colonisation.
The rare earth component seems less known. Articles like this may shed some light.