BREAKING: Oil crashes by most since 1991 as Saudi Arabia launches price war

[WinterHold]

Why would we need KSA output to back our dollar?  We're an oil exporter.  KSA's interest in tanking shale oil producers amounts to the fact that were are already huge in the sector, and we're slated to overtake them as worlds largest exporter.

How do you not know this shit?

Of fucking course we take your cheapo oil - so that we can sell more of our own at a better price.

https://en.wikipedia.org/wiki/Petrodollar_recycling

and the Saudi royal family made an agreement. The United States would offer military protection for Saudi Arabia's oil fields, and in return the Saudis would price their oil sales exclusively in United States dollars (in other words, the Saudis were to refuse all other currencies, except the U.S. dollar, as payment for their oil exports).

lol it's in wikipedia, and everywhere