Oil war: How US and Saudi crashed crude prices to hurt Russia, Iran, Venezuela in 2014
Geopolitical Economy Report
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Oil Price Plunged, US Dollar Rised
German state media says geopolitical aims are in part responsible for the oil price plunge. Analysts speculate that US Secretary of State John Kerry, who visited Saudi Arabia and other Gulf states in the summer, may have pressed the Gulf Arab oil states to over produce oil. Jason Furman, the chairman of the White House's Council of Economic Advisers, expressed satisfaction at the impact of low oil prices on Russia. The article also notes that this strategy helps the US dollar in terms of US dollar hegemony.
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