yeah the US also produces a very wide range of things today but still it’s called “petrodollar” because energy is the thing apparently considered most important of them all.
It’s because it’s one essential thing that was impossible to get without dollars before. Every modern economy needs oil, and when oil was traded exclusively in dollars that meant you had to get dollars to get oil.
yeah the US also produces a very wide range of things today but still it’s called “petrodollar” because energy is the thing apparently considered most important of them all.
It’s because it’s one essential thing that was impossible to get without dollars before. Every modern economy needs oil, and when oil was traded exclusively in dollars that meant you had to get dollars to get oil.