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To set the price and rent-seek and have geopolitical leverage.
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Control Scarcity and ensure that it is a proper duplicate for Gold/ Silver which was the base of money till 1971 ?
When Nixon said no more gold for dollar immediately dollar fell down from 35 to 700 ( todays 2700 inflation adjusted )
Then switched to crude oil backing instead of gold ???
just my doubts.
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That's a wide field. But Your thoughts clearly point into a proper direction
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It's a different form of backing, because there's no peg of a particular amount of oil per dollar. Dollar demand is just artificially inflated by the monopoly it had for use in oil markets.
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The big question is
Why OPEC needs to control the supply and demand of oil ?