The Petrodollar Myth: Unpacking the Complexities of Global Energy Politics The petrodollar has long been touted as a cornerstone of global energy politics, but this notion is rooted more in myth than reality.
To understand why, it's essential to examine the historical context that led to this widespread perception and how it has shaped global energy markets.
The Origins of the Petrodollar Myth In the 1970s, the United States faced a crippling balance of payments crisis under President Nixon.