Dear Editor, It was interesting to read about the 29th Middle East Petroleum and Gas Conference in Bahrain, 'Strong greenback offering challenges to oil producers' Daily Tribune, Tuesday, 17th May 2022, p 03. Inflation is effectively destroying any increased income for the oil an
Dear Editor,
It was interesting to read about the 29th Middle East Petroleum and Gas Conference in Bahrain, ‘Strong greenback offering challenges to oil producers’ Daily Tribune, Tuesday, 17th May 2022, p 03. Inflation is effectively destroying any increased income for the oil and gas producing countries, and of course the Federal Reserve Note, aka, the greenback, or US dollar, is the currency used for selling oil and gas, why? Isn’t it time that sovereign nations start using their own currencies when doing business, or whatever commodity these sovereign nations choose.
Russia was recently robbed by the Western countries, how their gold reserves were stolen, though, the West will use softer words, but effectively it was robbery. So, Russia set a fixed rate for gold and their ruble, hence, the “gold standard.” Why don’t all oil and gas producing nations do the same? Then these nations will have better control of inflation, which is effectively a “hidden” tax; and with the US dollar, it is the oil and gas producers getting robbed by this “hidden” tax.
So, I recommend that all the Oil and Gas producing sovereign nations cut the umbilical cord to the Federal Reserve Note, and start using other currencies, or commodities, when selling their God given natural bounties, as per the Quran, God gave us all bounties to enjoy, why only let a small group of bankers enjoy the God given bounties?
Yours sincerely,
Karim Mansouri
