| Saudi Arabia and the United States have | | | | oil pricing standard may make it decline |
| been friends for some time. To the | | | | further which is likely to hurt Saudi |
| average public within the country most | | | | Arabia further. The dollar has declined |
| Americans view Saudi Arabia as sponsors | | | | significantly over the past few years. |
| of terror citing the countries Muslim | | | | This decline is up to 15% against the |
| background. However, Saudi Arabia | | | | Euro in the past 12 months alone. As the |
| regularly supports the United States and | | | | dollar deflates American buy less |
| has done so again in the last round of | | | | products from overseas which hurts our |
| OPEC meetings. Venezuela and Iran wanted | | | | allies and business partners. In |
| to open discussions about valuing oil | | | | addition, the decline in the dollar |
| against a new currency standard then the | | | | reduces the value of investments made by |
| dollar. They were hoping the move would | | | | foreign countries in the Euro. When |
| be symbolic that the world should move | | | | countries purchase American dollars or |
| away from seeing the United States as a | | | | make investments in American dollars |
| leader and move towards some other | | | | they can find that the dollar is |
| supper power like China or the European | | | | deflating which means they are losing |
| Union. The 12 member OPEC dignitaries | | | | money on their investment. Each dollar |
| flew into Riyadh and Saudi police and | | | | is worth less then it was a few years |
| helicopter blocked roads, and protected | | | | ago and therefore their investments have |
| the sky with helicopters and the | | | | shrunk. To counter this a number of |
| dignitaries made it to their place of | | | | countries have begun to diversify their |
| residency. The meeting was called to | | | | holding in foreign currency to more |
| discuss oil exports and the cost of oil. | | | | stable currency like the Euro. The |
| In addition, the meet is to ponder ways | | | | declining value of the dollar is a |
| of reducing emissions. A secret | | | | double-edged sword for the United |
| broadcast came around which showed that | | | | States. On one end the declining dollar |
| Venezuela and Iran were behind the move | | | | increases American exports because |
| to change how oil is priced into another | | | | American products become cheaper but on |
| currency. Venezuelan representative | | | | the other end America has less foreign |
| Angela's de Morais stated, "The weakness | | | | influence because countries aren't |
| of the dollar is affecting us all" and | | | | selling as many products in the United |
| "But that's a global-scale problem. It's | | | | States. The current crisis the country |
| not for an individual organization to | | | | has to face is the amount of dissention |
| tackle." He was referring to Saudis | | | | that a number of disgruntled countries |
| insistence on keeping the American | | | | are beginning to show now that their |
| dollar. Saudi Arabia doesn't want to see | | | | economies are not so tightly tied to the |
| the American dollar collapse as much of | | | | U.S. We may see a growing trend of |
| its economy is based on the American | | | | countries attempting to hurt American |
| dollar. They have hundreds of billions | | | | interests and business partnerships |
| of dollars invested within the United | | | | around the world. |
| States and removing the dollar as the | | | | |