The Myth of the Petrodollar: How a Shift in Energy Markets Could Upend Global Finance The petrodollar's reign over global energy trade has been so entrenched for decades that its significance often seems self evident.
However, beneath the surface lies a complex web of payments and currency exchange agreements that have been quietly eroding the dollar's dominance.
Understanding the Petrodollar's Role in Global Finance The petrodollar's roots date back to 1973, when the United States and several major oil producing nations agreed that all international oil transactions would be denominated in US dollars.