What’s Driving Energy Prices This Week?

Earlier this month, Saudi Arabia and OPEC+ oil producers announced they would cut oil output by more than one million barrels per day. Subsequently, energy prices spiked, with the current national gas average sitting at $3.65 per gallon. But oil and gas prices aren’t the only thing shifting right now…worldwide trade currency is for some countries, too.

“China is buying LNG and paying yuan, and they’re encouraging Brazil to begin transacting their international trade into yuan as well,” explained Tim Snyder, host of Gasonomics. China is also encouraging India to start trading in their national rupee currency instead of the USD. Why are these changes mean for the U.S.’s future economic position?

The dollar has been the world’s principal reserve currency since the end of WWII and is crude oil is exchanged in USD via the petrodollar system, serving as a symbol of its stance as a world leader. Countries look to hold reserves in currencies with large, open financial markets that are quickly accessible.

Snyder stated, “Every bit of this shows the United States has advocated its position as a world leader in not only world trade, but in energy trade as well. This could have consequences for not just the United States but the world as we move through the year.”

Will these oil currency changes cause inflation to ensue in the U.S. as we push farther into 2023? Tim Snyder, host of Gasonomics, provides input on how diminishing oil output, rising energy prices, and changes in oil trading currencies intersect and impact the economy.

Follow us on social media for the latest updates in B2B!

Image

Latest

Coupa Inspire 2025
A Global Conversation: Coupa Inspire 2025 Brings Innovation to Your Doorstep
September 12, 2025

Coupa Inspire 2025 is taking its flagship experience on the road with the Inspire World Tour, bringing the spirit of its celebrated event to five cities across four continents. By condensing the energy of its global gathering into free, one-day sessions, Coupa is expanding access to knowledge, innovation, and community-building opportunities for finance, procurement, and…

Read More
Royal Dublin
Mastering the Game: Akshay Bhatia and Coupa Inspire at the Royal Dublin
September 12, 2025

At the Royal Dublin, Coupa brought together community and competition with PGA pro and brand ambassador Akshay Bhatia, who shared lessons from the course that extend far beyond golf. His message, “Master your swing. Master your spend,” underscored the power of precision, discipline, and strategy in both sport and business. The event was not just…

Read More
Coupa Customer Appreciation Day with Akshay Bhatia at The Royal Dublin
September 11, 2025

Coupa’s Customer Appreciation Day at The Royal Dublin on July, 2025, brought together PGA Tour talent Akshay Bhatia and the community for a celebration of both sport and connection. Beyond the excitement of world-class golf, Bhatia shared practical “tour-level tips” in a relaxed clinic format, offering guidance on everything from escaping rough lies to mastering…

Read More
The Royal Dublin
Coupa Spotlight: Akshay Bhatia Tees Up Teaching at The Royal Dublin
September 11, 2025

American golfer Akshay Bhatia’s teaching session at The Royal Dublin this July marks more than a summer stop—it’s a sign of how golf’s rising stars are shaping the global game. For Coupa, the event highlights the intersection of tradition and modern growth, bringing fresh attention to one of Ireland’s most historic courses. Bhatia’s presence underscores…

Read More