Petrodollar
From Wikipedia, the free encyclopedia
A petrodollar is a dollar earned by a country through the sale of petroleum. The term was coined by Ibrahim Oweiss, a professor of economics at Georgetown University, in 1973. Oweiss felt there was a need for a word to describe the situation which was occurring in the OPEC countries, balance of trade is largely offset by its role as a reserve currency. On the other hand, the demand for petrodollars is a significant factor in increasing the U.S. trade deficit in the first place, and it also increases inflation. Given the general tendency for crude oil prices to rise and become more volatile in recent years, it may even be argued that crude oil trading may, in the long term, be a significant liability for the stability of the currency in which the trade is conducted.
[edit] Further reading
The hidden hand of American hegemony : petrodollar recycling and international markets / David E. Spiro. Ithaca, NY : Cornell University Press, 1999. xiv, 177 p. ; 25 cm. LOC call # HG3883.A67 S64 1999
[edit] See also
- Petrodollar recycling
- Petrodollar warfare
- Petrobourse
- Petroeuro
- Petroruble
- Monetary hegemony
- Petrocurrency
[edit] External links
- PetroTalk.com Portal for petro related Articles, Discussion, Links and more
- The Rise of the Petroeuro (excellent Republic article that articulates the relationship between the American dollar, oil, and American imperial hegemony)
- Washington Report
- Petrodollar or Petroeuro? A new source of global conflict, by Cóilín Nunan
- Petrodollar Theories of the War
- MP3 of interview with Carol Brightman author of "Total Insecurity: The Myth of American Omnipotence" in which Saddam Hussein's switch to the Euro is discussed
- A Look At The World's Economy (December 2000) from CBS News
- Petrodollar Warfare Interview with William R. Clark with Jim Puplava of the Financial Sense Newshour
- Colin Nuan story with chart showing syncronisation of Euro/dollar value and actions in Middle-East "Petrodollar or Petroeuro? A new source of global conflict"
- IMF warns trade gap could bring down dollar
- Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse
- History of Oil video done by Robert Newman A vaudeville type story which talks about petrodollar story in the context of the history of oil
- The beginning of the end for petrodollar by Bulent Gokay, 15 March, 2006.
- Cost, abuse and danger of the dollar by Rudo de Ruijter, Mathaba News, March 7, 2007.
