New energy shakes petrodollarsd

Since Biden took office at the beginning of this year, the United States has been caught in a vicious circle of new energy layout and "carbon neutrality", especially the so-called "zero emission clean energy" 2050 vision plan that Biden has always emphasized. The energy proposition has always been clear. In order to realize the 2050 Vision plan of the United States, the Biden administration has also allocated 2 trillion US dollars for investment and development in infrastructure, clean energy and other related fields, and the demand in the energy field is very high. Constant for a long period of time, in order to achieve carbon neutrality goals, completely abandon the energy policy of the last Trump era.

While rejoining the Paris Climate Agreement, Biden stopped the $9 billion U.S.-Canada oil pipeline project, commonly known as the "Keystone XL" plan, not only that, but after just a few weeks , Biden also referred to the plan of Sanders in the party to push the original 10-year 1.3 trillion infrastructure plan to a more radical direction. This plan is not only intended to rebuild the power grid, roads and bridges in the United States, but also There are the expansion of urban public transportation and the acceleration of the layout of new energy vehicles, including the construction of charging stations, the development of commercial energy storage technology, and clean energy-related infrastructure such as low-carbon emission facilities. Biden has used practical actions to deny Trump's energy route. Announce to the world the United States' determination to achieve carbon-free power generation and carbon neutrality goals, the United States will invest heavily in renewable energy power generation, and the world's largest economy has set carbon neutrality goals, which means that low carbon will become The mainstream of the world, the elimination of coal power will be the trend of globalization.

At present, China has formulated a plan to replace fossil energy with clean energy. It is believed that the Biden administration will also exert its efforts in the carbon-free power generation industry. On the way to achieve carbon neutrality, renewable energy power generation will gradually become the main force in the world, but we all know that, Everything has two sides. Although the new energy policy seems to follow the principle of carbon neutrality on the surface, many people are worried about whether this will affect traditional energy companies, that is, the United States relies on it in 1971. The petrodollar system so far, although the petrodollar system has been replaced by the chip dollar in recent years due to the ambiguous attitude of Saudi Arabia and the decline of American influence, is still dominated by petrodollars. From a technical point of view, wind power generation and photovoltaic power generation are not stable, and have specific requirements for natural factors such as climate and temperature, while the cost of hydrogen power generation is too high, compared with the stability of fossil energy power generation and the reliability of fuel vehicles. In other words, the development of these renewable energies needs continuous improvement, and it is not realistic to completely replace traditional fossil energy in the short term.

We all know that after the United States fell into the economic crisis, the first reaction was to print money to alleviate the losses suffered, which directly led to the fluctuation of global commodity prices, and thus affected the normal operation of oil companies. Unlike previous oil crises, this oil crisis is from the inside out, led by the United States, which is also far from the oil system that the United States sought to establish in 1971, the fourth Middle East war in 1973. , Opec cut production and embargoed, resulting in a sharp rise in oil prices. The second time was because of the Iranian Revolution and the Iran-Iraq War, which led to a decrease in supply. Opec took the opportunity to increase prices. Of course, because the United States printed too much money, the Bretton Woods system also disintegrated in 1973.

In 1974, the International Energy Agency, which represents the interests of consumer countries, was established. In 1975, the United States and Saudi Arabia signed a US dollar oil settlement system. OPEC ministers agreed to use only US dollars for oil settlement. In 1976, the Jamaica Agreement and the IMF Agreement, the Second Amendment abolished the gold reserve currency Status, the implementation of the floating exchange rate system, announced the beginning of the petrodollar system, the New York Stock Exchange launched WTI crude oil futures in 1983, the London Stock Exchange launched BRENT oil futures in 1988, and participated in the pricing power of oil trade. From these past experiences, we have You can see the fragility of the oil system, and these can also extend to the entire US economy. The great stagflation in the United States in the last century was because of Keynesian monetary policy and the Middle East oil crisis.