Petrodollar: meaning, definitions and examples
๐ฐ
petrodollar
[ หpษtroสหdษหlษr ]
economic term
The term 'petrodollar' refers to the U.S. dollars that are earned by countries through the sale of their oil. This system allows countries that export oil to accumulate vast amounts of U.S. currency, significantly impacting global trade and finance. Petrodollars play a crucial role in the global economy, as they provide liquidity and stability to international markets. Additionally, the petrodollar system has led to the close relationship between oil-exporting countries and the United States, affecting geopolitical dynamics around the world.
Synonyms
energy dollar, oil dollar.
Examples of usage
- The petrodollar system has influenced global economic policies.
- Many countries reinvest their petrodollars in U.S. treasury bonds.
- The decline in petrodollars could affect the stability of the global economy.
Translations
Translations of the word "petrodollar" in other languages:
๐ต๐น petrodรณlar
๐ฎ๐ณ เคชเฅเคเฅเคฐเฅเคกเฅเคฒเคฐ
๐ฉ๐ช Petrodollar
๐ฎ๐ฉ petrodolar
๐บ๐ฆ ะฟะตััะพะดะพะปะฐั
๐ต๐ฑ petrodolar
๐ฏ๐ต ใใใญใใฉใผ
๐ซ๐ท pรฉtrodollar
๐ช๐ธ petrodรณlar
๐น๐ท petrodolar
๐ฐ๐ท ํํธ๋ก๋ฌ๋ฌ
๐ธ๐ฆ ุงูุฏููุงุฑ ุงูููุทู
๐จ๐ฟ petrodolar
๐ธ๐ฐ petrodolar
๐จ๐ณ ็ณๆฒน็พๅ
๐ธ๐ฎ petrodolar
๐ฎ๐ธ petrodollar
๐ฐ๐ฟ ะฟะตััะพะดะพะปะปะฐั
๐ฌ๐ช แแแขแ แ แแแแแ แ
๐ฆ๐ฟ petrodollar
๐ฒ๐ฝ petrodรณlar
Etymology
The term 'petrodollar' originated in the early 1970s, during a significant shift in the global oil market. After the Bretton Woods system collapsed in 1971, the United States transitioned to a fiat currency system, which was backed by the dollar but no longer tied to gold. In an effort to stabilize the dollar and secure its dominance in global trade, the U.S. made agreements with major oil-producing countries, particularly in the Middle East. These countries agreed to sell their oil exclusively in U.S. dollars, which created a consistent demand for the currency. This arrangement not only solidified the dollar's status as the world's primary reserve currency but also reinforced the political and economic ties between the U.S. and oil-exporting nations. The term 'petrodollar' thus encapsulates the interdependency of oil and currency in international relations and has since been critical in discussions regarding energy, finance, and global economics.
Word Frequency Rank
At position #41,464, this word is among the less frequently used terms in English. While interesting to know, it's not crucial for most English learners unless needed for specific purposes.
- ...
- 41461 squeaker
- 41462 brainiest
- 41463 kibbled
- 41464 petrodollar
- 41465 whipsawing
- 41466 blitzing
- 41467 dolorously
- ...