Apr 5, 2019 - Energy & Environment

Saudi Arabia threatens to stop using dollars for oil to block 'NOPEC'

Photo: Mlenny/Getty Images

Saudi Arabia said they will start selling oil in currencies other than the U.S. dollar if Capitol Hill passes a bill making OPEC members vulnerable to anti-trust lawsuits, reports Reuters.

What it means: This threat shows the seriousness that Saudi Arabia is taking the pending legislation most of Washington considers very unlikely to happen. That seriousness should make everyone else consider it more of a live debate too.

What they're saying: Bob McNally, former energy adviser for George. W. Bush who now leads his own energy consulting firm, says the Saudis' threat is real.

  • "Saudi Arabia is not the only producer actively considering abandoning the dollar denomination of oil exports."
  • McNally added that passage of this bill "would kick off economic war at the nuclear level with major oil exporters. The result would be devastation all around and no winners except perhaps China and Russia longer term. The best option is not to play."

Go deeper: Trump administration divided over OPEC oil policy

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Orion Rummler
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A man walks past a Ramen restaurant in Los Angeles, California on July 1. Photo: Frederic J. Brown/AFP via Getty Images

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Driving the news: An analysis led by Goldman Sachs' chief economist found that a national mandate requiring face coverings would "could potentially substitute for lockdowns that would otherwise subtract nearly 5% from GDP," the Washington Post reports.

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Axios
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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3:30 p.m. ET: 10,763,604 — Total deaths: 517,667 — Total recoveries — 5,522,094 — Map.
  2. U.S.: Total confirmed cases as of 3:30 p.m. ET: 2,715,124 — Total deaths: 128,439 — Total recoveries: 729,994 — Total tested: 32,827,359 — Map.
  3. Public health: What we know about the immune response to coronavirus and what it means for a vaccine.
  4. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  5. States: Florida reports more than 10,000 new coronavirus cases — 5 states saw 27% spike in heart-related deaths in first 3 months of coronavirus pandemic.
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Illustration: Eniola Odetunde/Axios

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Why it matters: Natural immunity differs from that afforded by vaccination but it offers clues for the design of effective vaccines and therapies.

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