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When the US decoupled the dollar from the gold standard in 1971 the currency kept its value because the Saudis agreed to accept that oil contracts would be payable in US Dollars. Saudi oil reserves replaced gold as the dollar standard. Part of the US Saudi deal was American protection of the House of Saud, including the guaranteed sale of US armaments. Joe Biden offended the Saudis again when he re-opened negotiations with Iran. Now Saudi Arabia is pondering accepting payments for oil in Chinese yuan, blowing up the petrodollar (source). In May Biden visited Saudi Arabia to beg them to crank up oil output. Last week OPEC+ (which includes Russia) announced a cut in oil output by 2 million barrels a day. The Saudis are done with Biden’s debasing the dollar and the dumping of oil from the US Strategic Oil Reserve. Then the news broke that Biden has asked the Saudis to hold off on the production cut till after the midterms, a Quid Pro Quo. The Democrats impeached President Trump for less (source)!

Oct. 13, 2022 War Room – Jack Posobiec: Joe Biden Is Caught In A Public Quid Pro Quo With Saudi Arabia In Order To Gain Democrats Votes.

So how bad is this Biden gaffe? It’s so bad, he is not even aware what he’s done. Which is no surprise for a guy who does not even know he’s alive half of the time. His request to “postpone the OPEC+ decision for a month” is extremely damning. In Trump’s case, the “victim” of the quid pro quo (i.e. Zelensky) emphatically denied that there was any suggestion of a quid pro quo. (More)

But in Biden’s case, the victim (Saudi) is formally accusing the US of just that. Trump was impeached over an alleged quid pro quo threat to Ukraine over weapons transfers before an election. Biden just admitted to CNN he is threatening Saudi Arabia with who knows what if they don’t agree to his quid pro quo before the midterms!

Bongino has more details:

Oct. 13, 2022 Dan Bongino Show: Biden Must Be Impeached from the 19:20 mark.

Now why do the Saudis and OPEC+ by extension need an oil price of over a hundred dollars? Because the Democrats have inflated the value of the dollar so much, that a hundred dollars no longer cover the real value of a barrel of oil.

The Saudis are so done with Biden that they tossed him publicly under the bus.

Previously on Economic Crisis