The Myth of the Petrodollar: Why Oil Prices No Longer Dictate Global Currency Values The rise of the petrodollar in the 1970s had a profound impact on international trade and finance by linking oil prices to the US dollar's value.
This relationship, which seemed inviolable at the time, influenced global currency values, with other currencies' purchasing power tied to fluctuations in the oil market.
However, as we examine this connection more closely, it becomes clear that its rigidity has been diminishing.