The Myth of the Petrodollar: How a Shift in Global Currency Usage Affects Oil Markets The petrodollar has been the backbone of global energy trade for decades.
However, its dominance is slowly eroding as countries diversify their currencies and reduce their dependence on the US dollar. This shift has significant implications for oil markets.
Understanding the Petrodollar's Historical Context The petrodollar was born out of the Cold War era, when the United States needed a secure way to finance its military campaigns.