The Petrodollar Myth The US dollar's dominance over global trade and finance has been a cornerstone of international economic relations since its emergence in the 1970s.
At the heart of this phenomenon lies a complex web of historical, political, and economic factors that have cemented the US dollar as the primary currency for oil transactions.
What is the Petrodollar Myth and Its Origins The concept of the petrodollar refers to the practice of pricing oil in US dollars, which began with the 1973 oil embargo imposed by Arab oil producing countries.