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Encyclopedia > Petrodollar

Petrodollars refers to the money that Middle Eastern countries and members of OPEC receive as revenue from Western nations and then put back into those same nations' banks. For example if Libya were to receive money from the U.S. for oil and then put the money into a U.S. bank, that deposited money is referred to as petrodollars. http://www.investopedia.com/terms/p/petrodollars.asp


A petrodollar is a U.S. dollar earned by a country through the sale of petroleum. The term was coined by Ibrahim Oweiss, a professor of economics at Georgetown University, in 1973. Oweiss felt there was a need for a word to describe a situation then occurring in OPEC countries in which an imbalance of trade largely utilizing a single currency was largely offset by that currency's role as a reserve currency. Given the general tendency for crude oil prices to rise and become more volatile in recent years, it may even be argued that crude oil trading may, in the long term, be a significant liability for the stability of the currency in which the trade is conducted. The United States dollar is the official currency of the United States. ... Dr. Ibrahim Oweiss is an Egyptian-born American economist, international economic advisor, and professor of economics at Georgetown University in Washington, DC, United States. ... The meaning of the word professor (Latin: [1]) varies. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Georgetown University is a Jesuit private university located in Georgetown, Washington, D.C. Father John Carroll founded the school in 1789, though its roots extend back to 1634. ... For the song by James Blunt, see 1973 (song). ... The Organization of Petroleum Exporting Countries (OPEC) is a large group of countries[1][2] made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Venezuela, and Ecuador (which rejoined OPEC in November 2007). ... The balance of trade encompasses the activity of exports and imports, like the work of this cargo ship going through the Panama Canal. ... Percentage of global currencies A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. ...


Further reading

The hidden hand of American hegemony : petrodollar recycling and international markets / David E. Spiro. Ithaca, NY : Cornell University Press, 1999. xiv, 177 p. ; 25 cm. LOC call # HG3883.A67 S64 1999 Footnotes:


[1] Ron Suskind, The Price of Loyalty: George W. Bush, the White House, and the Education of Paul O’ Neill, Simon & Schuster publishers (2004)


[2] Richard A. Clarke, Against All Enemies: Inside America’s War on Terror, Free Press (2004)


[3] William Clark, “Revisited - The Real Reasons for the Upcoming War with Iraq: A Macroeconomic and Geostrategic Analysis of the Unspoken Truth,” January 2003 (updated January 2004) www.ratical.org/ratville/CAH/RRiraqWar.html


[4] Peter Philips, Censored 2004, The Top 25 Censored News Stories, Seven Stories Press, (2003) General website for Project Censored: www.projectcensored.org/ Story #19: U.S. Dollar vs. the Euro: Another Reason for the Invasion of Iraq www.projectcensored.org/publications/2004/19.html


[5] Carol Hoyos and Kevin Morrison, "Iraq returns to the international oil market," Financial Times, June 5, 2003


[6] Faisal Islam, “Iraq nets handsome profit by dumping dollar for euro,” [UK] Guardian, February 16, 2003 observer.guardian.co.uk/iraq/story/0,12239,896344,00.html


[7] “Oil bourse closer to reality,” IranMania.com, December 28, 2004. Also see: “Iran oil bourse wins authorization,” Tehran Times, July 26, 2005


[8] “War-Gaming the Mullahs: The U.S. weighs the price of a pre-emptive strike,” Newsweek, September 27 issue, 2004. Online: www.msnbc.msn.com/id/6039135/site/newsweek/


[9] James Fallows, “Will Iran be Next?,” Atlantic Monthly, December 2004, pgs. 97 – 110


[10] Seymour Hersh, “The Coming Wars,” The New Yorker, January 24th – 31st issue, 2005, pgs. 40-47 Posted online January 17, 2005. Online: www.newyorker.com/fact/content/?050124fa_fact


[11] Philip Giraldi, “In Case of Emergency, Nuke Iran,” American Conservative, August 1, 2005


[12] Dafina Linzer, “Iran Is Judged 10 Years From Nuclear Bomb U.S. Intelligence Review Contrasts With Administration Statements,” Washington Post, August 2, 2005; Page A01


[13] C. Shivkumar, “Iran offers oil to Asian union on easier terms,” The Hindu Business Line (June 16, 2003). www.thehindubusinessline.com/bline/2003/06/17/stories/2003061702380500.htm


[14] Terry Macalister, “Iran takes on west's control of oil trading,” The [UK] Guardian, June 16, 2004 www.guardian.co.uk/business/story/0,3604,1239644,00.html


[15] “The Choice of Currency for the Denomination of the Oil Bill," Speech given by Javad Yarjani, Head of OPEC's Petroleum Market Analysis Dept, on The International Role of the Euro (Invited by the Spanish Minister of Economic Affairs during Spain's Presidency of the EU) (April 14, 2002, Oviedo, Spain) www.opec.org/NewsInfo/Speeches/sp2002/spAraqueSpainApr14.htm


[16] “Iran's oil bourse expects to start by early 2006,” Reuters, October 5, 2004 www.iranoilgas.com


[17] “Russia shifts to euro as foreign currency reserves soar,” AFP, June 9, 2003 www.cdi.org/russia/johnson/7214-3.cfm


[18] “China to diversify foreign exchange reserves,” China Business Weekly, May 8, 2004 www.chinadaily.com.cn/english/doc/2004-05/08/content_328744.htm


[19] Richard S. Appel, “The Repercussions from the Yuan’s Revaluation,” kitco.com, July 27, 2005 www.kitco.com/ind/appel/jul272005.html


[20] “China, Iran sign biggest oil & gas deal,” China Daily, October 31, 2004. Online: www.chinadaily.com.cn/english/doc/2004-10/31/content_387140.htm


[21] Analysis of Abu Musa Island, www.globalsecurity.org www.globalsecurity.org/wmd/world/iran/abu-musa.htm


[22] “Terror & regime change: Any US invasion of Iran will have terrible consequences,” News Insight: Public Affairs Magazine, June 11, 2004 www.indiareacts.com/archivedebates/nat2.asp?recno=908&ctg=World


[23] Sammy Salama and Karen Ruster, “A Preemptive Attack on Iran's Nuclear Facilities: Possible Consequences,” Monterry Institute of International Studies, August 12, 2004 (updated September 9, 2004) cns.miis.edu/pubs/week/040812.htm


See also

Petrodollar recycling refers to the phenomenon of major oil-producing states mainly from OPEC earning more money from the export of oil than they could usefully invest in their own economies. ... Petrodollar warfare is a hypothesis that many international manœuvres in recent decades are taken to support the current dollar hegemony over other currencies. ... Petrobourse refers to the possibility of the Iranian bourse establishing a fourth oil marker, and the possibility of a new commodity exchange that would revolve around it. ... The Euro A petroeuro is a petroleum trade valued in the euro as opposed to the US dollar (a petrodollar). ... A petroruble is a petroleum trade valued in the ruble as opposed to the US dollar (a petrodollar), or euro (petroeuro). ... Please wikify (format) this article as suggested in the Guide to layout and the Manual of Style. ... Petrocurrency is the currency of a country with oil to export, for instance, Saudi Arabian riyals. ...

External links

  • PetroTalk.com Portal for petro related Articles, Discussion, Links and more
  • Washington Report
  • Petrodollar or Petroeuro? A new source of global conflict, by Cóilín Nunan
  • Petrodollar Theories of the War
  • MP3 of interview with Carol Brightman author of "Total Insecurity: The Myth of American Omnipotence" in which Saddam Hussein's switch to the euro is discussed
  • A Look At The World's Economy (December 2000) from CBS News
  • Petrodollar Warfare Interview with William R. Clark with Jim Puplava of the Financial Sense Newshour
  • Colin Nuan story with chart showing syncronisation of euro/dollar value and actions in Middle-East "Petrodollar or Petroeuro? A new source of global conflict"
  • IMF warns trade gap could bring down dollar
  • Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse
  • History of Oil video done by Robert Newman A vaudeville type story which talks about petrodollar story in the context of the history of oil
  • The beginning of the end for petrodollar by Bulent Gokay, 15 March, 2006.
  • Cost, abuse and danger of the dollar by Rudo de Ruijter, Mathaba News, March 7, 2007.
This article is about the broadcast network. ... This article is about the type of currency, for the U.S. Dollar see United States dollar. ... ISO 4217 Code AUD User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island Inflation 1. ... ISO 4217 Code BSD User(s) The Bahamas Inflation 1. ... The Barbados dollar – currency symbol $ or Bds$ – is the national unit of currency of Barbados. ... ISO 4217 Code BZD User(s) Belize Inflation 3% Source The World Factbook, 2006 est. ... The dollar (ISO 4217 code: BMD; symbol: $) has been the national currency of Bermuda since 1970. ... ISO 4217 Code BND User(s) Brunei, Singapore Inflation 0. ... C$ redirects here. ... It has been suggested that this article or section be merged with Cayman Islands dollar. ... ISO 4217 Code none User(s) Cook Islands Inflation 2. ... The East Caribbean dollar (currency code XCD) is the currency of eight members of the Organisation of Eastern Caribbean States. ... ISO 4217 Code FJD User(s) Fiji Inflation 1. ... The dollar (currency code GYD) has been the currency of Guyana since 1966. ... ISO 4217 Code HKD User(s) Hong Kong Inflation 2. ... The dollar (ISO 4217 code: JMD) is the currency of Jamaica. ... The dollar (currency code LRD) has been the currency of Liberia since 1943. ... The Namibian dollar (abbreviated N$ or NAD) is the national currency of Namibia, adopted in 1993. ... ISO 4217 Code NZD User(s) New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau Inflation 2. ... The tala is the currency of Samoa. ... ISO 4217 Code SGD User(s) Singapore, Brunei Inflation 1% Source The World Factbook, 2006 est. ... The Solomon Islands Dollar was introduced in 1975 to replace the Australian Dollar after independence. ... The dollar (currency code SRD) has been the currency of Suriname since 2004. ... ISO 4217 Code TWD User(s) Republic of China Inflation 0. ... The dollar (ISO 4217 code: TTD; also TT$) is the currency of Trinidad and Tobago. ... USD redirects here. ... ISO 4217 Code ZWD (initially ZWN) User(s) Zimbabwe Inflation est. ... ISO 4217 Code MYR User(s) Malaysia Inflation 2. ... The dollar has been the currency of Antigua since 1913. ... The dollar was the currency of British Columbia between 1865 and 1871. ... The British North Borneo dollar was the currency of British North Borneo from 1882 to 1953. ... The British West Indies dollar (BWI$) was the currency of the various British West Indies territories from 1935 and, later, of the unitary West Indies Federation. ... The rixdollar was the currency of Ceylon until 1828. ... Six Confederate notes The Confederate States of America dollar was first issued into circulation in April, 1861, when the Confederacy was only two months old, and on the eve of the outbreak of the Civil War. ... It has been suggested that this article or section be merged into Continental (currency). ... The Rigsdaler was the unit of currency used in Denmark until 1873 and in Norway until 1816. ... The daler (also written dollar) was the currency of the Danish West Indies between 1849 and 1917. ... The rigsdaler was the currency of the Danish West Indies until 1849. ... The dollar was the currency of Dominica until 1862. ... The rijksdaalder was an 18th century Dutch coin worth 2½ gulden or 50 stuiver. ... The rigsdaler was the currency of Greenland until 1874. ... The dollar was the currency of Grenada until 1840. ... The dollar or dala became the currency of Hawaii in 1879. ... The dollar was a currency issued by Germany for use in its protectorate of Kiautschou, an area around the city of Qingdao. ... The Malaya and British Borneo dollar was the currency of Malaya, Singapore, Sarawak, British North Borneo and Brunei from 1953 to 1967. ... The Malayan dollar was the currency of the British colonies and protectorates in Malaya and Borneo. ... The dollar was the currency of Mauritius until 1877. ... The dollar was the currency of Mongolia between 1921 and 1925. ... The dollar was the currency of Nevis until 1830. ... The dollar was the currency of New Brunswick between 1861 and 1867. ... ISO 4217 Code NFD User(s) Newfoundland Subunit 1/100 1/50 cent pence Symbol $ or NF$ cent pence ¢ p Coins Freq. ... The rigsdaler was the unit of currency used in Norway until 1816 and in Denmark until 1873. ... The speciedaler was a Norwegian coin, initially equivalent to the Danish rigsdaler specie coin of the 18th century. ... The dollar was the currency of Nova Scotia between 1861 and 1871. ... The dollar was the currency of Penang between 1786 and 1826. ... The dollar was the currency of Prince Edward Island between 1871 and 1873. ... The dollar has been the currency of Puerto Rico since 1901. ... The Rhodesian Dollar was the currency used by Rhodesia between 1970 and 1980. ... The dollar was the currency of Saint Kitts until 1830. ... The dollar has been the currency of Saint Lucia since 1920. ... The dollar was the currency of Saint Vincent until 1825. ... Sarawak dollar of 1935 The dollar was the currency of Sarawak from 1858 to 1953. ... The dollar was a currency issued in Sierra Leone between 1791 and 1805. ... ISO 4217 Code SIT User(s) Slovenia Inflation 0. ... The Spanish dollar or peso (literally, weight) is a silver coin that was minted in the Spanish Empire after a Spanish currency reform in 1497. ... The Straits dollar was the currency used in the British colonies and protectorates in Malaya and Borneo, including the Straits Settlements until 1939. ... The dollar was the currency of Sumatra until 1824. ... The Riksdaler was the name of the currency used in Sweden until 1873 when it was replaced with the krona as an effect of the Scandinavian Monetary Union. ... The Old Taiwan Dollar (舊臺幣 or 舊台幣; ISO 4217 code TWN), sometimes called Old Taiwan yuan, was the currency of the Taiwan, Republic of China from 1946 to 1949. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... The dollar was the currency of Trinidad until 1814. ... The dollar was the currency of Tobago until 1814. ... The dollar is the currency of Tuvalu. ... This article is about the Chinese currency base unit. ... For other uses, see Birr (disambiguation). ... Eurodollars are deposits denominated in United States dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve. ... The Geary-Khamis dollar, also known as the international dollar is a sophisticated aggregation method for calculating economic comparisons between countries. ... Second Life has its own economy and a currency referred to as Linden Dollars (L$). This economy is independent of the Pricing, where users pay Linden Lab. ... Entropia Universe is a massively multiplayer online virtual universe designed by Swedish software company MindArk. ... For the type of star, see Red dwarf. ... ISO 4217 Code AQD (unofficial) User(s) Antarctica Symbol A Coins None Banknotes A1, A2, A5, A10, A20, A50, A100 Monetary authority Antarctica Overseas Exchange Office Website www. ... Calgary Dollars is a local currency in Calgary, Alberta, Canada. ... The 5 cents and 10 cents denominations of Canadian Tire money Canadian Tire money (CTM) is a loyalty program by Canadian Tire. ... Disney Dollars is a form of corporate scrip used at Disney theme parks, The Disney Store and at certain parts of Castaway Cay, the Disney cruise-lines private island. ... ISO 4217 Code None User(s) Individuals and businesses primarily in the United States and insular areas of the United States such as Puerto Rico. ... The Toronto Dollar, founded in December 1998, is a paper local currency used in Toronto, Ontario. ... $ redirects here. ... The Holey Dollar of P.E.I. Back in the 1700s, the Spanish government minted a large silver coin which through wide circulation became known as the Spanish dollar. ... Examples of German and Austrian Thalers compared to a US quarter piece (bottom center) The Thaler (or Taler) was a silver coin used throughout Europe for almost four hundred years. ... Trade Dollars were coins issued by various countries for use in foreign trade. ...

  Results from FactBites:
 
Petrodollar warfare - Wikipedia, the free encyclopedia (1603 words)
Petrodollar warfare is a hypothesis that many international manœuvres in recent decades are taken to support the current fiat money system where the U.S. dollar international value is determined by the fact than many key commodities (like energy in the form of oil and gas) are denominated in dollars.
The validity of this argument generally rest on whether one accepts that currency conversion fees are a significant expense, and are the reason international banks tend to keep their reserves in dollars.
Petrodollar Warfare Interview with William R. Clark and Jim Puplava of the Financial Sense Newshour
  More results at FactBites »

 
 

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