CEO Of One Of World’s Largest Energy Majors “Sees No Reason For Petrodollar”

Submitted by Tyler Durden on 07/05/2014

The USA is fast running out of friends to support its ‘exorbitant privelege’. Having alienated the Germans over NSA-eavesdropping, ‘boomerang’d the Russians into de-dollarization, tariffed and quantitatively eased China into diversification, and finally ‘punished’ France into discussing the dollar’s demise; it appears no lessor person than the CEO of Total (the world’s 13th biggest oil producer and Europe’s 2nd largest), believes “There is no reason to pay for oil in dollars.” Clearly, based on Christophe de Margerie’s comments, that we have passed peak Petrodollar.

As Reuters reports,

Oil major Total’s chief executive said on Saturday the euro should have a bigger role in international trade although it was not possible to do without the U.S. dollar.

Christophe de Margerie was responding to questions about calls by French policymakers to find ways at EU level to bolster the use of the euro in international business following a record U.S. fine for BNP.

“There is no reason to pay for oil in dollars,” he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.

French Finance Minister Michel Sapin said on Thursday that euro zone finance ministers would discuss ways of boosting use of the euro in international trade in their next monthly meeting on Monday.

“It would be a way to protect businesses when, outside of U.S. territory, they carry out transactions that are perfectly legal in the country they belong to,” he said.

continued at link at top of page


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

The Unz Review:

Naked Security

Computer Security News, Advice and Research

Ivy Mike Cafe

Home of the ten megaton F-bomb

We Defend Your Right to Defend Yourself


GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Freedom Is Obvious

The Free Thought Project

Free Your Thought


Just another site

The Small Hold - Will Not Go Down Without a Fight


Give Our Kids the Freedom We Had

Guns Save Lives

Stories of Self Defense

The Daily Fed

No talking heads here!

Liberty Conservatives

Conservative and Libertarian Magazine

Pro Libertate


A Classical Liberal Blog on Political Science, Economics, Philosophy, Law, and More

The Camp Of The Saints

DISPATCHES FROM THE CAMP OF THE SAINTS [DHS-Certified Rightwing Extremist / White House Certified 'Fishy' / Carter-Certified Raaaaacist! / Kafir]

90 Miles From Tyranny

%d bloggers like this: