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→Oil dependency
After the Biden regime canceled the Keystone XL destroying America's energy independence, by October 2021 when the global energy crisis hit, Sinopec reported record-breaking output figures. A company press release stated: "Fuling Shale Gas Field – the first commercially developed and operated large-scale shale gas field in China – announced on October 8 that it has produced 40 billion cubic meters of shale gas, setting a new record for the cumulative production of shale gas in the country."<ref>https://www.prnewswire.com/news-releases/sinopec-fuling-shale-gas-field-sets-new-cumulative-production-record-of-40-billion-cubic-meters-301396524.html</ref>
After the Biden regime canceled the Keystone XL destroying America's energy independence, by October 2021 when the global energy crisis hit, Sinopec reported record-breaking output figures. A company press release stated: "Fuling Shale Gas Field – the first commercially developed and operated large-scale shale gas field in China – announced on October 8 that it has produced 40 billion cubic meters of shale gas, setting a new record for the cumulative production of shale gas in the country."<ref>https://www.prnewswire.com/news-releases/sinopec-fuling-shale-gas-field-sets-new-cumulative-production-record-of-40-billion-cubic-meters-301396524.html</ref>
====Termination of the petrodollar system====
The termination of the [[petrodollar]] system signified a profound shift in global [[economic]] dynamics, signaling the decline of American supremacy on the world stage. Established in 1974, the petrodollar agreement between the United States and [[Saudi Arabia]] cemented the [[U.S. dollar]] as the dominant global currency. This system required countries to [[trade]] [[oil]] exclusively in U.S. dollars, thus ensuring a steady demand for the American currency and bolstering the United States’ [[geopolitical]] influence. The [[Biden regime]] howeever unraveled this critical economic pillar.
Saudi Arabia, the world’s second-largest oil producer behind [[Russia]], announced its intention to move away from the U.S. dollar in its oil transactions, opting instead to accept payment from [[China]] in [[yuan]].<ref>[https://finishtherace.com/ella-ford/americas-decline-the-petrodollars-end-and-its-implications/ America’s Decline: The Petrodollar’s End and Its Implications], Ella Ford, June 26, 2024. /finishtherace.com</ref>
=====Energy crisis=====
=====Energy crisis=====