The Petrodollar's Grip on Global Economy Weakens The petrodollar system, which has underpinned global economic relations for over four decades, is showing signs of strain.
Since 1973, the value of oil has been pegged to the US dollar, creating a system where other countries must exchange their own currency for dollars to buy oil.
This arrangement gave the United States immense economic and geopolitical influence, allowing it to maintain its position as the world's sole superpower.