The Myth of the Petrodollar: How Oil Prices Influence Global Currencies The 1973 oil embargo marked a turning point in global economic history.
In response, President Nixon negotiated a secret agreement with Saudi Arabia's King Faisal, establishing the petrodollar system that would come to define international trade for decades.
Understanding the Petrodollar's Origins The origins of the petrodollar system are linked to the tumultuous early 1970s.