Prices at the pump skyrocket as soon as a conflict flares up in the Middle East. But behind those rising oil and gas prices, a much larger shift is taking place. While the world watches the geopolitical tensions surrounding Iran, the economic balance of power is also changing. The dominance of the U.S. petrodollar is slowly crumbling, while China is gaining ground more and more emphatically with the yuan. According to Hans van Cleef, this marks the birth of the “electroyuan.”
Hans van Cleef is Head of Energy Research at EqoLibrium (this column was written in a personal capacity).
Read the full column here.