The Petrodollar Trade

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The petrodollar is the core factor motivating our economy. As long as the petrodollar trade remains intact, our economy will remain standing as well. The major nation that guarantees this situation is Saudi Arabia, the primary oil-producing nation in the world. How did they position themselves as they have? First, some history. In 1971, the final phase of the gold standard, and the post-war Bretton Woods system was eliminated after the Nixon Administration refused to honor France's demand for payment in gold in exchange for dollars. Our gold reserves were basically exhausted by the Vietnam War and high domestic spending, creating a monetary crisis in the late 1960's and the early '70's. So Nixon and Secretary of State Henry Kissinger responded to this major systemic problem by cutting a deal with the Saudi's to settle all crude oil sales with the US dollar. Due to the clout held by the Saudis, the rest of OPEC followed suit. This relationship between the dollar and oil is ofte... Read more