Will Petrodollar Give Way to Petroyuan? China Makes First Move this March

The coming introduction of a “petroyuan” marks one of the most significant bids to date by countries seeking to dump the U.S. “petrodollar.”

Visitors to an exhibit of art works that gives the illusion of being three dimensional pose near a scene showing late Chinese leader Mao Zedong with the Chinese yuan note and former U.S. President Abraham Lincoln with the U.S. dollar note in Beijing. (AP/Ng Han Guan)

BEIJING -- Wall Street is bracing for a potential shake-up as China is set to launch its first-ever crude oil futures contract late March at the Shanghai Futures Exchange. The move, which had been laid out in 2012 but faced delays over possible market turbulence, could represent a bold step forward in China’s rise as an economic superpower and

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Venezuela Accused Of Drug Trafficking After Dropping U.S. Petrodollar

U.S. President Donald Trump recently signed a determination that singles out Venezuela for failing to adhere to counternarcotics obligations. The accusation came – perhaps not so coincidentally – on the same day that Venezuela declared it will no longer participate in the U.S.’ petrodollar trade system.

An anti-narcotics police officer stands guard at a landing zone near a cocaine lab in Calamar, Guaviare state, Colombia. Police seized cocaine and chemicals at the lab. About 104 labs have been destroyed by the police in a five day period.(AP/Fernando Vergara)

In what is set to be a major blow to the U.S.’ increasingly fragile “petrodollar” system, Venezuela announced on Wednesday that it would no longer accept U.S. dollars as payment for its crude oil exports. According to the Wall Street Journal, Venezuela has begun using euros in lieu of the dollar and will convert existing cash holdings into euros as

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Venezuela Quits US Dollar For Crude Oil Payments

Maduro hinted further that the South American country would look to using the Chinese yuan instead, among other currencies.

Venezuelan President Nicolas Maduro fist bumps a worker of the state-run oil company PDVSA during a visit to the Orinoco oil belt in Venezuela in 2013. (Photo: Miraflores/AP)

Did the doomsday clock on the petrodollar (and implicitly US hegemony) just tick one more minute closer to midnight? Apparently confirming what President Maduro had warned following the recent US sanctions, The Wall Street Journal reports that Venezuela has officially stopped accepting US Dollars as payment for its crude oil exports. As we

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Latest Pipeline Leak Underscores Dangers Of Dakota Access Pipeline

A major crude oil pipeline in Oklahoma sprung a leak late Sunday night; the company has yet to provide an estimate of volume spilled

FILE - In this Sept. 15, 2005 file photo, the marker that welcomes commuters to Cushing, Okla. is seen. Canadian company TransCanada says it will build an oil pipeline from Oklahoma to Texas after President Barack Obama blocked the larger Keystone XL pipeline from Canada. The company says the new project does not require presidential approval since it does not cross a U.S. border. The shorter pipeline is expected to cost about $2.3 billion and be completed in 2013. The Obama administration had suggested development of an Oklahoma-to-Texas line to alleviate an oil glut at a Cushing, Okla., storage hub. (AP Photo/The Oklahoman, Matt Strasen, File)

Underscoring once again the dangers of America's unreliable fossil fuel infrastructure, a significant U.S. oil pipeline has been shut down after a leak was reported Monday morning. Enterprise Products Partners said Monday it had shut its Seaway Crude Pipeline, a 400,000-barrel per day conduit that transports crude oil from Cushing, Oklahoma to

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Federal Government Halts Work On Part Of Dakota Access Pipeline

The government’s order came minutes after a judge rejected a request by the Standing Rock Sioux to halt construction of the $3.8 billion, four-state pipeline.

More than a thousand people gather at an encampment near North Dakota's Standing Rock Sioux reservation on Friday, Sept. 9, 2016. The Standing Rock Sioux tribe's attempt to halt construction of an oil pipeline near its North Dakota reservation failed in federal court Friday, but three government agencies asked the pipeline company to "voluntarily pause" work on a segment that tribal officials say holds sacred artifacts.

STANDING ROCK SIOUX RESERVATION, N.D. — The federal government stepped into the fight over the Dakota Access oil pipeline Friday, ordering work to stop on one segment of the project in North Dakota and asking the Texas-based company building it to "voluntarily pause" action on a wider span that an American Indian tribe says holds sacred

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Libya Grapples For Control Over Its Eastern Ports

An extraordinary standoff between the Libyan navy and eastern rebels, who are attempting to complete the first independent sale of oil by a non-state body, shows just how unstable Libya is.

Mideast Libya

In a show of how unstable Libya is right now, authorities there captured, then lost, then re-captured an oil tanker bearing North Korean flags after it docked and departed from an oil port controlled by rebels in Eastern Libya. In the aftermath of the debacle, the nation’s legislative branch, the General National Congress, fired Prime Minister Ali

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