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Petrodollar recycling

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412: 615: 465: 634: 393: 501: 552: 653: 516: 253: 572: 268:, OPEC revenues approximated an unprecedented US$ 1 trillion per year in 2008 and 2011–2014. Beyond the OPEC countries, substantial surpluses also accrued to Russia and Norway, and sovereign wealth funds worldwide amassed US$ 7 trillion by 2014–2015. Some oil exporters were unable to reap the full benefits, as the national economies of Iran, Iraq, Libya, Nigeria and Venezuela all suffered from multi-year political obstacles associated with what economists call the " 595: 5751: 4275: 431: 693: 536: 446: 481: 679: 29: 119:; but the surpluses could be usefully invested in other locations, or spent on imports such as consumer products, construction supplies, and military equipment. Alternatively, global economic growth would have suffered if that money was withdrawn from the world economy, while the oil-exporting states needed to be able to invest profitably to raise their long-term standards of living. 151:, the Managing Director of the IMF, said in 1974: "The international monetary system is facing its most difficult period since the 1930s." The IMF administered a new lending program during 1974–1976 called the Oil Facility. Funded by oil-exporting states and other lenders, it was available to governments suffering from acute problems with their 115:, both in 1973.) These petrodollar surpluses could be described as net U.S. dollar-equivalents earned from the export of petroleum, in excess of the internal development needs of the exporting countries. The surpluses could not be efficiently invested in their own economies, due to small populations or being at early stages of 209:
market as a less-regulated rival to U.S. monetary markets. As the recessionary condition of the world economy made investment in corporations less attractive, bankers and well-financed governments lent much of the money directly to the governments of developing countries, especially in Latin America
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The former head of the Soviet planning agency, Nikolai Baibakov, recalled that 'what we got for oil and gas' was $ 15 billion in 1976–80 and $ 35 billion in 1981–85. Of this money, the Soviets spent, respectively, $ 14 billion and $ 26.3 billion to buy grain, both to feed the
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In the 2005–2014 petrodollar surge, financial decision-makers were able to benefit somewhat from the lessons and experiences of the previous cycle. Developing economies generally stayed better balanced than they did in the 1970s; the world economy was less oil-intensive; and global inflation and
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as well as other major developing countries like Turkey. The 1973 oil crisis had created a vast dollar shortage in these countries; however, they still needed to finance their imports of oil and machinery. In early 1977, when Turkey stopped heating its prime minister's office, opposition leader
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Georgetown University economics professor Ibrahim Oweiss has written about petrodollars and is credited with the word's coinage by Knowledge, but there is insufficient documentary evidence that he used the term first in 1973. Former commerce secretary Peter G. Peterson was credited with using
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plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of
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interest rates were much better contained. Oil exporters opted to make most of their investments directly into a diverse array of global markets, and the recycling process was less dependent on intermediary channels such as international banks and the IMF.
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enforced by violent military interventions against countries like Iraq, Iran, and Venezuela, and a key hidden driver of world politics. The term was coined by William R. Clark, who has written a book with the same title. The phrase
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summarized the situation: "Banks collected the deposits of revenue-rich OPEC governments and lent the money to developing countries so they could avoid bankruptcy." In subsequent decades, many of these developing states found their
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Dubai is capitalized just as much on cheap labour as it is on expensive oil, and the Maktoums, like their cousins in the other emirates, are exquisitely aware that they reign over a kingdom built on the backs of a South Asian
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In March 1973... Two weeks after Dr. Oweiss had used the word – at an international monetary seminar held at Columbia University's Arden House in Harriman, New York – it was picked up by a prestigious economics commentator in
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International bankers... began to invest huge amounts of those petro-dollars in Brazil and other developing countries..., allowing them to finance gigantic infrastructure works like the Itaipu Hydroelectric
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Mohtashami Pur, a one-time ambassador to Lebanon who currently holds the title of secretary-general of the 'Intifada conference', told an Iranian newspaper that Iran transferred the missiles to the Shi'ite
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Since the Dubai-based airline began its wine program 12 years ago, it has spent more than $ 500 million to develop the best wine list in the sky... 'It's an investment. We look at it like a commodity.'
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From a 14.6% stake of around US$ 329 million acquisition in December 1974, the KIA is now the largest consistent shareholder in Daimler over 40 years where our 6.9% stake is currently valued around $
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According to critics, the use of dollars in international oil transactions increases overall U.S. dollar demand by only a tiny fraction, and the dollar's overall status as the major
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surplus for all members of OPEC amounted to US$ 450 billion, without scaling-up for the subsequent decades of inflation. Ninety percent of this surplus was accumulated by the
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to the U.S. dollar and some not. These flows are heavily influenced by government-level decisions regarding international investment and aid, with important consequences for both
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High oil prices in the 1970s propped up the regime so well, that had it not been for Soviet oil sales, it's quite possible the regime would have collapsed a decade earlier.
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Since the Russian oligarch began pouring petro-dollars into Stamford Bridge, he has turned one of English football's underachieving clubs into an established powerhouse.
445: 272:". Most of the other large exporters accumulated enough financial reserves to cushion the shock when oil prices and petrodollar surpluses fell sharply again from an 480: 500: 2638: 4585: 3396: 1793: 2698: 2388:
In return for oil, Cuba is sending Venezuela between 30,000 and 50,000 technical staff. As many as 30,000 Cubans in Venezuela are presumably medical doctors.
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was an early leader since 1961, and certain Arab states became some of the largest donors in the years since 1974, including through the IMF and the
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The price of the arms sale gives increased weight to an argument that in part it should be approved because it helps to 'recycle petrodollars'.
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A U.N. sanctions committee expressed 'grave concern' Thursday about what it called apparent Iranian violations of a U.N. ban on arms exports.
135:, it caused problems especially for oil-importing countries that were paying much higher prices for oil, and incurring long-term debts. The 2909: 2783: 3391: 3386: 3371: 3366: 2914: 643: 3336: 2049: 733: 2572: 2372: 2348:
It should not escape notice that this is the first true title showdown, and first genuine title race, between the petrodollar clubs.
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Fluctuations of OPEC net oil export revenues since 1972, showing elevated inflation-adjusted levels during 1974–1981 and 2005–2014
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of the United States, European Union, Switzerland, and the United Kingdom. In fact, the process contributed to the growth of the
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and in other financial markets of the major industrial economies, often directed discreetly by government entities now known as
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In 2015, Japanese carmaker Toyota retained its long-held local market leadership..., over three times its nearest rival Nissan.
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He thinks the U.S. should give more study to ways in which the excess funds – he calls them petro dollars – can be soaked up.
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This was a dream come true for the family, which built its fortune... first in the oil-rich countries of the Persian Gulf.
312:, although their working conditions are generally harsh. Even more controversially, several oil exporters have been major 83:, and the first major petrodollar surge (1974–1981) resulted in more financial complications than the second (2005–2014). 2955: 155:
due to the rise in oil prices, notably including Italy and the United Kingdom as well as dozens of developing countries.
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This article is about the trade surpluses of oil-exporting nations. For a broader term with multiple meanings, see
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These images illustrate the diversity of major petrodollar recycling activities, in roughly chronological order:
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The money is there: the United Arab Emirates region is home to nearly 10 percent of all the world's oil reserve.
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These funds, which maintain passive investment positions, will perform a crucial petrodollar-recycling function.
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Most of its cost (pegged at about US$ 120 million today) was a gift from King Faisal of Saudi Arabia.
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famously described the shortage as: "Turkey is in need of 70 cents." As political journalist
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has relatively limited tangible benefit to the United States economy as well as some drawbacks.
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contributed to the bloc's collapse in 1989. During the 2005–2014 petrodollar surge, OPEC member
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also accumulating significant oil surpluses through 1978 before suffering the hardships of
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between Brazil and Paraguay, financed by loans from petrodollar bank deposits in the 1970s
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Inflation and interest rates surged with oil prices in the 1970s, but not in the 2000s.
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The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets
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increased by 150% between 1973 and 1977, complicated further by a worldwide shift to
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per year – including a wide range of transactions in a variety of currencies, some
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State–Business Alliances and Economic Development: Turkey, Mexico and North Africa
343:, before the 2014–2017 oil downturn brought Venezuela to its own economic crisis. 5773: 5660: 5620: 5600: 5461: 5252: 5247: 5242: 5209: 5180: 5040: 4705: 4690: 4615: 4580: 4461: 4421: 4416: 4411: 4406: 4396: 4371: 4346: 4297: 4210: 4200: 3942: 3693: 3582: 3508: 3311: 3306: 3236: 3204: 3115: 2831: 2722: 2148: 1822: 1798: 1762: 1667: 1273: 897: 706: 304:. Oil exporters have also aided poorer countries indirectly through the personal 224: 202: 148: 132: 80: 1588: 577: 5727: 5630: 5625: 5267: 5116: 5072: 4990: 4964: 4892: 4866: 4851: 4841: 4700: 4695: 4680: 4600: 4510: 4489: 4047: 3967: 3957: 3947: 3888: 3863: 3572: 3513: 3444: 3331: 3316: 3125: 3063: 2808: 1214: 1070: 624: 328: 273: 269: 237: 233: 163: 105: 65: 5550: 284:
Oil-exporting countries have used part of their petrodollar surpluses to fund
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cattle on collective farms and to put bread on the tables of Soviet citizens.
999: 932: 698: 452: 20: 541:"Oil for doctors" program, with thousands of Cuban physicians anchoring the 252: 5670: 5615: 5575: 5347: 5219: 5185: 5175: 5133: 5010: 5005: 4912: 4897: 4720: 4175: 4105: 3997: 3987: 3982: 3972: 3962: 3848: 3828: 3773: 3557: 3525: 3464: 3361: 3263: 3169: 3046: 2980: 1954: 471: 367: 324: 320: 167: 73: 61: 57: 1567:"Oil-Rich Nations Are Selling Off Their Petrodollar Assets at Record Pace" 327:
during the 1974–1981 petrodollar surge, and the loss of income during the
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is the international spending or investment of a country's revenues from
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All the Shah's Men: An American Coup and the Roots of Middle East Terror
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for More Than $ 250 Million, Highest Price Ever for a Work of Art"
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websites, it appears that these events actually occurred in March 1974.
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as the standard means of settling oil transactions as a kind of
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Petrodollars: Tracking the Flow and Investment of Oil Windfalls
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Carrasco, Enrique; McClellan, Charles; Ro, Jane (April 2007).
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The term petrodollar was coined in the early 1970s during the
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refers to a theory that depicts the international use of the
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Large volumes of Arab petrodollars were invested directly in
171: 2513:"Owners of Famed Chrysler Building Reach Deal to Sell Tower" 2153:"Soviet foreign policy from dĂ©tente to Gorbachev, 1975–1985" 665:, where the Japanese automaker holds a dominant market share 139:(IMF) estimated that the foreign debts of 100 oil-importing 72:. The phenomenon is most pronounced during periods when the 4180: 4120: 3873: 3351: 509:
department store in London, under Arab ownership since 1985
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The Cambridge History of the Cold War: Volume III, Endings
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The E-Book on International Finance & Development
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for a record-setting price above US$ 250 million
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International Association of Oil & Gas Producers
2077: 1695:"Iranian General: Tehran Arming 'Liberation Armies'" 674: 455:, constructed 1976–1986, a gift from Saudi Arabia's 1757:"US allies Saudi Arabia and Qatar are funding ISIS" 1512:. Natural Resource Governance Institute. March 2015 1313: 127:While petrodollar recycling reduced the short-term 47:"). It generally refers to the phenomenon of major 16:
International spending of petroleum export revenues
2294: 2155:. In Leffler, Melvyn P.; Westad, Odd Arne (eds.). 1819:"The Economics Behind the Fall of the Berlin Wall" 1755: 1459: 1388:"Petrodollars, emerging markets and vulnerability" 896: 561:, millions of which were purchased by Dubai-owned 525:, Russian-owned between 2003 and 2022 through the 401:, approximately $ 300 billion accumulated by 2428:"Oger Telecom signs $ 6.55 bln Turk Telekom deal" 2025:The KIA... is the largest shareholder in Daimler. 1726:. Oxford University Press. "Libya", pp. 207–208. 1079:The Economic Dimensions of Middle Eastern History 5765: 2159:. Cambridge University Press. pp. 109–110. 1530: 1346:: CS1 maint: bot: original URL status unknown ( 316:challenging the governments of other countries. 2487:"Abu Dhabi Buys 90% Stake in Chrysler Building" 1531:Aguilera, Roberto F.; Radetzki, Marian (2015). 1077:. In Esfandiari, Haleh; Udovitch, A.L. (eds.). 288:programs, as a prominent example of so-called " 1977:"Major Foreign Holders of Treasury Securities" 1719: 1537:. Cambridge University Press. pp. 87–89. 381: 4949: 4305: 2777: 1935:"Debunking the Dumping-the-Dollar Conspiracy" 1723:The Role of Terrorism in 21st-Century Warfare 871:"Petrodollar Recycling and Global Imbalances" 825:"In the soup - Bob Woodward's plan of attack" 474:to ease food shortages in the 1970s and 1980s 1953: 1328:. Archived from the original on June 6, 2011 2571:Harel, Amos; Stern, Yoav (August 4, 2006). 2039:"KIA/Daimler 40th Anniversary Celebrations" 1720:Weinberg, Leonard; Martin, Susanne (2016). 1316:"Foreign Debt: Forgiveness and Repudiation" 922: 920: 323:to support the struggling economies of the 4956: 4942: 4312: 4298: 2784: 2770: 2570: 2193:"Saudi AWACS Deal Passes $ 8 Billion" 1908:. Canada: New Society Publishers. p.  792:Myers, Amy; Elass, Jareer (January 2016). 791: 2292: 1637: 1065: 1063: 1061: 1059: 822: 765: 763: 761: 728: 726: 371:is sometimes used with the same meaning. 2359: 2037:Al Saleh, Anas K. (September 18, 2014). 2036: 1753: 1654: 1450:"Global disequilibrium remains unlikely" 960:Washington Report on Middle East Affairs 917: 490:fighter jet, one of dozens owned by the 251: 27: 3704:China National Offshore Oil Corporation 2696: 2425: 2328: 2220:Feder, Barnaby J. (September 8, 1985). 1871: 1816: 1609: 1483:Bianchi, Stefania (February 22, 2016). 1482: 1272: 470:Western grain, heavily imported by the 302:OPEC Fund for International Development 5766: 5078:Measures of national income and output 3578:Unconventional (oil and gas) reservoir 3337:2020 Russia–Saudi Arabia oil price war 2791: 2721: 2510: 2455: 2007: 1788: 1754:Cockburn, Patrick (October 14, 2016). 1661:Davis, Mike (September–October 2006). 1069: 1056: 894: 868: 758: 738:U.S. Energy Information Administration 723: 580:, whose control was privatized to the 346: 4937: 4293: 2765: 2747:"Is the end of the petrodollar near?" 2731:U.S. Government Accountability Office 2673: 2602: 2541: 2484: 2426:Aydogdu, Hatice (November 15, 2005). 2399: 2219: 2147: 2008:Taylor, Edward (September 18, 2014). 1932: 1899: 1845: 1660: 1385: 1362:"Federal Reserve Economic Data graph" 1170: 1029: 997: 888: 3709:China National Petroleum Corporation 2744: 2329:Delaney, Miguel (February 2, 2014). 2190: 1638:Mukherjee, Andy (February 4, 2016). 1564: 1234: 1208: 845: 712:Saudi Arabia–United States relations 314:financial supporters of armed groups 2485:Bagli, Charles V. (July 10, 2008). 2456:Thomas, Landon Jr. (July 9, 2008). 1143: 869:Nsouli, Saleh M. (March 23, 2006). 236:, concluding that it was a form of 13: 4963: 3769:National Iranian South Oil Company 3485:Western Canadian Sedimentary Basin 2667: 2603:Peers, Alexandra (February 2012). 2542:Lynch, Colum (December 11, 2009). 2523:from the original on June 13, 2024 2360:Corrales, Javier (December 2005). 2293:Critchley, Mark (April 12, 2015). 2272:"Russian businessman buys Chelsea" 1848:"Venezuela ends upbeat Cuba visit" 1846:Gibbs, Stephen (August 24, 2005). 1817:McMaken, Ryan (November 7, 2014). 823:Hertzberg, Hendrik (May 2, 2004). 816: 785: 310:foreign workers in the Middle East 247: 158:From 1974 through 1981, the total 122: 14: 5805: 4237:Intercontinental Exchange Futures 4126:Chicago Bridge & Iron Company 3779:Oil & Gas Development Company 2307:from the original on May 26, 2022 2191:Mohr, Charles (August 22, 1981). 1770:from the original on May 26, 2022 1366:Federal Reserve Bank of St. Louis 1144:Neu, Carl Richard (August 1977). 335:played a similar role supporting 308:sent home by tens of millions of 5750: 5749: 4596:Malaya and British Borneo dollar 4274: 4273: 2511:Morris, Keiko (March 10, 2019). 2400:Gaddy, James (January 5, 2017). 1872:Polanco, Anggy (July 17, 2016). 1458:. August 8, 2008. Archived from 1150:U.S. Congressional Budget Office 1081:. Darwin Press. pp. 179–199 956:"Personality: Ibrahim M. Oweiss" 798:Journal of International Affairs 691: 677: 651: 632: 623:to Lebanon and Syria, including 613: 593: 570: 550: 534: 514: 499: 479: 463: 444: 429: 410: 391: 266:oil price increases of 2003–2008 86: 3784:Oil and Natural Gas Corporation 2631: 2596: 2564: 2535: 2504: 2478: 2449: 2419: 2393: 2353: 2322: 2286: 2264: 2242: 2213: 2184: 2141: 2116: 2071: 2030: 2001: 1981:U.S. Department of the Treasury 1969: 1947: 1933:Baker, Dean (October 7, 2009). 1926: 1893: 1865: 1839: 1810: 1782: 1747: 1713: 1687: 1631: 1603: 1581: 1565:Blas, Javier (April 13, 2015). 1558: 1524: 1499: 1476: 1442: 1416: 1386:Lubin, David (March 19, 2007). 1379: 1354: 1307: 1266: 1228: 1202: 1164: 1137: 1115: 1093: 1023: 991: 846:Coll, Steve (August 10, 2014). 5711:Publications in macroeconomics 4252:Society of Petroleum Engineers 4023:Port Harcourt Refining Company 3689:Abu Dhabi National Oil Company 1610:Hubbard, Ben (June 21, 2015). 998:Rowen, Hobart (July 9, 1973). 962:. December 26, 1983. p. 8 948: 862: 839: 376:international reserve currency 279: 1: 5691:Critique of political economy 4741:Zimbabwean dollar (2019–2024) 3198:Production sharing agreements 2639:"Kuwait Autos Report Q2 2016" 1209:Wong, Andrea (May 30, 2016). 1125:. International Monetary Fund 1103:. International Monetary Fund 1047:'petrodollar' in a July 1973 794:"War and the Oil Price Cycle" 717: 685:Business and economics portal 91: 5779:International macroeconomics 4556:Danish West Indian rigsdaler 4232:Canadian petroleum companies 4227:American Petroleum Institute 3764:National Iranian Oil Company 3749:Kuwait Petroleum Corporation 2745:Tran, Hung (June 20, 2024). 2645:. March 2016. Archived from 1424:"Recycling the Petrodollars" 1000:"Peterson Urges Cooperation" 606:Abu Dhabi Investment Council 319:High-priced oil allowed the 274:oil supply glut in 2014–2017 96:Especially during the years 7: 4651:Prince Edward Island dollar 4521:British North Borneo dollar 4247:International Energy Agency 3232:Enhanced oil recovery (EOR) 2605:"Qatar Purchases CĂ©zanne's 2046:Kuwait Investment Authority 1075:"Economics of Petrodollars" 875:International Monetary Fund 670: 642:, purchased in 2011 by the 417:German vehicle factory for 382:Gallery of notable examples 137:International Monetary Fund 10: 5810: 5439:New neoclassical synthesis 5422:Real business-cycle theory 4586:Japanese occupation dollar 4526:British West Indies dollar 4457:Trinidad and Tobago dollar 3834:PTT Public Company Limited 3435:East Midlands Oil Province 3420:List of natural gas fields 3020:Integrated asset modelling 2674:Clark, William R. (2005). 2084:Brazil Is Not for Amateurs 1900:Clark, William R. (2005). 1640:"Oil's Plunge Spills Over" 771:"OPEC Revenues Fact Sheet" 734:"OPEC Revenues Fact Sheet" 584:organization in 2005 with 110:U.S. Secretary of Commerce 49:petroleum-exporting states 18: 5747: 5697: 5685: 5519: 5453: 5386: 5377: 5339: 5234: 5196: 4971: 4875: 4834: 4818: 4797: 4770: 4749: 4536:Confederate States dollar 4503: 4475: 4334: 4269: 4219: 4206:Weatherford International 4085: 3935: 3887: 3739:Iraq National Oil Company 3675: 3632: 3617: 3608: 3493: 3410: 3292: 3178: 3072: 3000: 2943: 2902: 2895: 2817: 2799: 2430:. Reuters. Archived from 2087:(English, 2nd ed.). 1993:: CS1 maint: unfit URL ( 1663:"Fear and Money in Dubai" 750:: CS1 maint: unfit URL ( 625:over 300 tons intercepted 5444:Saltwater and freshwater 4551:Danish West Indian daler 4387:Eastern Caribbean dollar 2697:Smolyar, Leonid (2006). 1179:Cornell University Press 1171:Spiro, David E. (1999). 1123:"Recycling Petrodollars" 895:Kinzer, Stephen (2008). 621:Iranian weapon shipments 543:Venezuelan health system 399:U.S. Treasury securities 195:U.S. Treasury securities 5368:International economics 5293:Overlapping generations 4810:Project Entropia Dollar 4762:Pitcairn Islands dollar 4516:British Columbia dollar 4257:World Petroleum Council 4131:China Oilfield Services 3188:Petroleum fiscal regime 2887:Western Canadian Select 2882:West Texas Intermediate 2706:(B.Sc. Honors thesis). 2517:The Wall Street Journal 2369:Inter-American Dialogue 1940:Foreign Policy Magazine 928:"Petrodollar Profusion" 264:Thanks to the historic 145:floating exchange rates 5738:Mathematical economics 5472:Modern monetary theory 5225:Universal basic income 4442:Solomon Islands dollar 3734:Indian Oil Corporation 3220:Submersible pump (ESP) 3165:Underbalanced drilling 2986:of gasoline and diesel 2680:New Society Publishers 257: 199:sovereign wealth funds 76:is historically high. 33: 5784:International finance 5566:Wesley Clair Mitchell 5541:Thomas Robert Malthus 5363:Development economics 4923:Zimbabwean bond notes 4918:Zimbabwean bond coins 4790:(Geary–Khamis dollar) 4686:Sierra Leonean dollar 4636:Norwegian speciedaler 4571:Greenlandic rigsdaler 4377:Cayman Islands dollar 4111:Cameron International 3553:Petrodollar recycling 3536:fossil fuel phase-out 3099:Differential sticking 3052:Reflection seismology 3025:Petroleum engineering 2867:OPEC Reference Basket 1963:Brookings Institution 1279:Secrets of the Temple 1101:"Petrodollar Problem" 644:Royal Family of Qatar 578:Turkish Telecom Corp. 523:Chelsea Football Club 492:Royal Saudi Air Force 341:other regional allies 255: 244:was the only escape. 37:Petrodollar recycling 31: 5288:Ramsey–Cass–Koopmans 5127:Liquidity preference 4788:International dollar 4676:Saint Vincent dollar 4621:New Brunswick dollar 4467:United States dollar 4008:Occidental Petroleum 3322:1990 oil price shock 3148:Shale oil extraction 3121:Drilling engineering 3104:Directional drilling 3030:Reservoir simulation 2378:on November 29, 2016 2124:"Shah Faisal Mosque" 2079:Castor, Belmiro V.J. 1794:"Russian Footprints" 1507:"The Resource Curse" 1284:Simon & Schuster 1033:(February 1, 2012). 361:economic imperialism 357:United States dollar 141:developing countries 5789:Petroleum economics 5706:Macroeconomic model 5571:John Maynard Keynes 5353:Economic statistics 5298:General equilibrium 4847:Canadian Tire money 4656:Puerto Rican dollar 4641:Nova Scotian dollar 4631:Norwegian rigsdaler 4626:Newfoundland dollar 4531:Ceylonese rixdollar 4382:Cook Islands dollar 4156:Naftiran Intertrade 4101:Amec Foster Wheeler 4028:Reliance Industries 3917:Naftiran Intertrade 3729:Hindustan Petroleum 3327:2000s energy crisis 2708:New York University 2676:Petrodollar Warfare 2649:on January 16, 2017 2548:The Washington Post 2434:on February 2, 2017 2274:. BBC. July 2, 2003 2149:Zubok, Vyadislav M. 2055:on January 18, 2017 1957:(January 7, 2016). 1904:Petrodollar Warfare 1806:on January 9, 2015. 1792:(August 24, 2006). 1464:on December 3, 2022 1430:. November 10, 2005 1235:Özel, IĆŸÄ±k (2014). 1005:The Washington Post 604:, 90% owned by the 559:premium French wine 353:petrodollar warfare 347:Petrodollar warfare 290:checkbook diplomacy 5794:Petroleum politics 5646:Edward C. Prescott 5358:Monetary economics 4862:Salt Spring dollar 4726:Trinidadian dollar 4671:Saint Lucia dollar 4666:Saint Kitts dollar 4566:Dutch rijksdaalder 4541:Continental dollar 4427:New Zealand dollar 4003:Marathon Petroleum 3425:List of oil fields 3035:Reservoir modeling 2793:Petroleum industry 2717:on April 25, 2012. 2491:The New York Times 2462:The New York Times 2252:. BBC. May 8, 2010 2226:The New York Times 2197:The New York Times 1701:. October 27, 2008 1617:The New York Times 1455:The New York Times 1326:University of Iowa 1181:. pp. 74–75. 1071:Oweiss, Ibrahim M. 975:The New York Times 258: 70:petroleum politics 34: 5761: 5760: 5733:Political economy 5676:N. Gregory Mankiw 5666:Thomas J. Sargent 5515: 5514: 5506:Market monetarism 5310:Endogenous growth 5139:National accounts 4931: 4930: 4736:Zimbabwean dollar 4731:Tobagonian dollar 4716:Old Taiwan dollar 4711:Swedish riksdaler 4591:Kiautschou dollar 4495:Malaysian ringgit 4452:New Taiwan dollar 4447:Surinamese dollar 4342:Australian dollar 4287: 4286: 4265: 4264: 4151:Nabors Industries 4081: 4080: 3279:Well intervention 3254:Petroleum product 3153:Ljungström method 3057:Seismic inversion 3042:Petroleum geology 2996: 2995: 2689:978-0-86571-514-1 2336:The Sunday Mirror 1919:978-0-86571-514-1 1790:Pacepa, Ion Mihai 1293:978-0-671-47989-3 1252:978-1-317-81782-6 980:According to the 804:on April 10, 2019 608:from 2008 to 2019 602:Chrysler Building 230:accumulated debts 117:industrialization 113:Peter G. Peterson 5801: 5753: 5752: 5656:William Nordhaus 5641:Robert Lucas Jr. 5531:François Quesnay 5384: 5383: 5151:Nominal rigidity 5122:Demand for money 5100:Microfoundations 5036:Financial crisis 5016:Effective demand 4986:Aggregate supply 4981:Aggregate demand 4958: 4951: 4944: 4935: 4934: 4661:Rhodesian dollar 4611:Mongolian dollar 4606:Mauritian dollar 4576:Grenadian dollar 4561:Dominican dollar 4546:Danish rigsdaler 4437:Singapore dollar 4402:Hong Kong dollar 4362:Bermudian dollar 4352:Barbadian dollar 4314: 4307: 4300: 4291: 4290: 4277: 4276: 3978:Hess Corporation 3699:Bharat Petroleum 3630: 3629: 3615: 3614: 3302:1967 Oil Embargo 3138:Lost circulation 2976:Posted oil price 2900: 2899: 2857:Isthmus-34 Light 2786: 2779: 2772: 2763: 2762: 2758: 2755:Atlantic Council 2741: 2739: 2737: 2723:Staats, Elmer B. 2718: 2716: 2710:. Archived from 2705: 2693: 2662: 2661: 2656: 2654: 2635: 2629: 2628: 2623: 2621: 2607:The Card Players 2600: 2594: 2593: 2587: 2585: 2568: 2562: 2561: 2556: 2554: 2539: 2533: 2532: 2530: 2528: 2508: 2502: 2501: 2499: 2497: 2482: 2476: 2475: 2470: 2468: 2453: 2447: 2446: 2441: 2439: 2423: 2417: 2416: 2411: 2409: 2404:. Bloomberg News 2397: 2391: 2390: 2385: 2383: 2377: 2371:. Archived from 2366: 2357: 2351: 2350: 2345: 2343: 2326: 2320: 2319: 2314: 2312: 2298: 2290: 2284: 2283: 2281: 2279: 2268: 2262: 2261: 2259: 2257: 2246: 2240: 2239: 2234: 2232: 2217: 2211: 2210: 2205: 2203: 2188: 2182: 2181: 2175: 2173: 2166:978-1-31602563-5 2145: 2139: 2138: 2133: 2131: 2120: 2114: 2113: 2107: 2105: 2098:978-1-46910432-4 2075: 2069: 2068: 2062: 2060: 2054: 2048:. Archived from 2043: 2034: 2028: 2027: 2022: 2020: 2005: 1999: 1998: 1992: 1984: 1973: 1967: 1966: 1951: 1945: 1944: 1930: 1924: 1923: 1907: 1897: 1891: 1890: 1888: 1886: 1869: 1863: 1862: 1860: 1858: 1843: 1837: 1836: 1831: 1829: 1814: 1808: 1807: 1802:. Archived from 1786: 1780: 1779: 1777: 1775: 1759: 1751: 1745: 1744: 1742: 1740: 1733:978-1-78499764-9 1717: 1711: 1710: 1708: 1706: 1699:Associated Press 1691: 1685: 1684: 1678: 1676: 1658: 1652: 1651: 1649: 1647: 1642:. Bloomberg News 1635: 1629: 1628: 1626: 1624: 1607: 1601: 1600: 1598: 1596: 1585: 1579: 1578: 1576: 1574: 1569:. Bloomberg News 1562: 1556: 1555: 1553: 1551: 1544:978-1-31643242-6 1534:The Price of Oil 1528: 1522: 1521: 1519: 1517: 1511: 1503: 1497: 1496: 1494: 1492: 1487:. Bloomberg News 1480: 1474: 1473: 1471: 1469: 1463: 1446: 1440: 1439: 1437: 1435: 1420: 1414: 1413: 1411: 1409: 1404:on March 5, 2016 1403: 1397:. Archived from 1392: 1383: 1377: 1376: 1374: 1372: 1358: 1352: 1351: 1345: 1337: 1335: 1333: 1311: 1305: 1304: 1302: 1300: 1274:Greider, William 1270: 1264: 1263: 1261: 1259: 1232: 1226: 1225: 1223: 1221: 1206: 1200: 1199: 1197: 1195: 1168: 1162: 1161: 1159: 1157: 1152:. pp. 27–29 1141: 1135: 1134: 1132: 1130: 1119: 1113: 1112: 1110: 1108: 1097: 1091: 1090: 1088: 1086: 1067: 1054: 1053: 1043: 1041: 1027: 1021: 1020: 1015: 1013: 995: 989: 979: 969: 967: 952: 946: 945: 943: 941: 936:. April 28, 2012 924: 915: 914: 902: 892: 886: 885: 883: 881: 866: 860: 859: 857: 855: 843: 837: 836: 834: 832: 820: 814: 813: 811: 809: 800:. Archived from 789: 783: 782: 780: 778: 767: 756: 755: 749: 741: 730: 701: 696: 695: 687: 682: 681: 655: 640:CĂ©zanne painting 636: 617: 597: 574: 563:Emirates airline 554: 538: 518: 503: 483: 467: 448: 433: 414: 405:during 1960–2015 403:OPEC governments 395: 221:Suleyman Demirel 203:commercial banks 153:balance of trade 5809: 5808: 5804: 5803: 5802: 5800: 5799: 5798: 5764: 5763: 5762: 5757: 5743: 5742: 5741: 5693: 5681: 5680: 5679: 5661:Joseph Stiglitz 5621:Milton Friedman 5601:Friedrich Hayek 5522:macroeconomists 5511: 5510: 5509: 5449: 5448: 5447: 5373: 5372: 5371: 5335: 5334: 5333: 5320:Mundell–Fleming 5315:Matching theory 5253:Keynesian cross 5230: 5229: 5228: 5192: 5191: 5190: 4967: 4962: 4932: 4927: 4871: 4830: 4814: 4793: 4766: 4745: 4706:Sumatran dollar 4691:Slovenian tolar 4616:Nevisian dollar 4581:Hawaiian dollar 4499: 4477: 4471: 4462:Tuvaluan dollar 4422:Namibian dollar 4417:Liberian dollar 4412:Kiribati dollar 4407:Jamaican dollar 4397:Guyanese dollar 4372:Canadian dollar 4347:Bahamian dollar 4330: 4318: 4288: 4283: 4261: 4215: 4211:John Wood Group 4201:Valaris Limited 4094: 4091: 4088: 4077: 3943:APA Corporation 3931: 3883: 3682: 3679: 3671: 3626: 3623: 3620: 3610: 3604: 3505:Classification 3489: 3412: 3406: 3342:Nationalization 3312:1979 oil crisis 3307:1973 oil crisis 3288: 3274:Water injection 3242:Steam injection 3237:Gas reinjection 3205:Artificial lift 3174: 3116:Drill stem test 3068: 2992: 2939: 2891: 2813: 2795: 2790: 2735: 2733: 2714: 2703: 2690: 2670: 2668:Further reading 2665: 2652: 2650: 2637: 2636: 2632: 2619: 2617: 2601: 2597: 2583: 2581: 2569: 2565: 2552: 2550: 2540: 2536: 2526: 2524: 2509: 2505: 2495: 2493: 2483: 2479: 2466: 2464: 2454: 2450: 2437: 2435: 2424: 2420: 2407: 2405: 2398: 2394: 2381: 2379: 2375: 2364: 2358: 2354: 2341: 2339: 2327: 2323: 2310: 2308: 2301:The Independent 2291: 2287: 2277: 2275: 2270: 2269: 2265: 2255: 2253: 2248: 2247: 2243: 2230: 2228: 2218: 2214: 2201: 2199: 2189: 2185: 2171: 2169: 2167: 2146: 2142: 2129: 2127: 2126:. Lonely Planet 2122: 2121: 2117: 2103: 2101: 2099: 2091:. p. 202. 2076: 2072: 2066:7 billion. 2058: 2056: 2052: 2041: 2035: 2031: 2018: 2016: 2006: 2002: 1986: 1985: 1975: 1974: 1970: 1952: 1948: 1931: 1927: 1920: 1898: 1894: 1884: 1882: 1870: 1866: 1856: 1854: 1844: 1840: 1827: 1825: 1823:Mises Institute 1815: 1811: 1799:National Review 1787: 1783: 1773: 1771: 1763:The Independent 1752: 1748: 1738: 1736: 1734: 1718: 1714: 1704: 1702: 1693: 1692: 1688: 1674: 1672: 1668:New Left Review 1659: 1655: 1645: 1643: 1636: 1632: 1622: 1620: 1608: 1604: 1594: 1592: 1587: 1586: 1582: 1572: 1570: 1563: 1559: 1549: 1547: 1545: 1529: 1525: 1515: 1513: 1509: 1505: 1504: 1500: 1490: 1488: 1481: 1477: 1467: 1465: 1448: 1447: 1443: 1433: 1431: 1422: 1421: 1417: 1407: 1405: 1401: 1390: 1384: 1380: 1370: 1368: 1360: 1359: 1355: 1339: 1338: 1331: 1329: 1312: 1308: 1298: 1296: 1294: 1286:. p. 340. 1271: 1267: 1257: 1255: 1253: 1233: 1229: 1219: 1217: 1207: 1203: 1193: 1191: 1189: 1169: 1165: 1155: 1153: 1142: 1138: 1128: 1126: 1121: 1120: 1116: 1106: 1104: 1099: 1098: 1094: 1084: 1082: 1068: 1057: 1049:Washington Post 1039: 1037: 1028: 1024: 1011: 1009: 996: 992: 965: 963: 954: 953: 949: 939: 937: 926: 925: 918: 911: 893: 889: 879: 877: 867: 863: 853: 851: 848:"Oil and erbil" 844: 840: 830: 828: 821: 817: 807: 805: 790: 786: 776: 774: 769: 768: 759: 743: 742: 732: 731: 724: 720: 707:Dedollarisation 697: 690: 683: 676: 673: 666: 656: 647: 637: 628: 618: 609: 598: 589: 575: 566: 555: 546: 539: 530: 519: 510: 504: 495: 486:American-built 484: 475: 468: 459: 449: 440: 434: 425: 415: 406: 396: 384: 349: 325:Soviet-led bloc 282: 250: 248:2005–2014 surge 234:unpayably large 225:William Greider 160:current account 149:Johan Witteveen 133:1973 oil crisis 125: 123:1974–1981 surge 94: 89: 24: 17: 12: 11: 5: 5807: 5797: 5796: 5791: 5786: 5781: 5776: 5759: 5758: 5748: 5745: 5744: 5740: 5735: 5730: 5728:Microeconomics 5725: 5724: 5723: 5713: 5708: 5703: 5702: 5701: 5699: 5695: 5694: 5689: 5687: 5683: 5682: 5678: 5673: 5668: 5663: 5658: 5653: 5648: 5643: 5638: 5633: 5631:Lawrence Klein 5628: 5626:Paul Samuelson 5623: 5618: 5613: 5608: 5603: 5598: 5593: 5588: 5583: 5581:MichaƂ Kalecki 5578: 5573: 5568: 5563: 5558: 5553: 5548: 5543: 5538: 5533: 5528: 5527: 5526: 5524: 5517: 5516: 5513: 5512: 5508: 5503: 5498: 5496:Disequilibrium 5493: 5492: 5491: 5484:Post-Keynesian 5481: 5476: 5475: 5474: 5464: 5459: 5458: 5457: 5455: 5451: 5450: 5446: 5441: 5436: 5431: 5426: 5425: 5424: 5414: 5409: 5408: 5407: 5402: 5392: 5391: 5390: 5388: 5381: 5375: 5374: 5370: 5365: 5360: 5355: 5350: 5345: 5344: 5343: 5341: 5340:Related fields 5337: 5336: 5332: 5327: 5322: 5317: 5312: 5307: 5306: 5305: 5295: 5290: 5285: 5280: 5275: 5270: 5268:Phillips curve 5265: 5260: 5255: 5250: 5245: 5240: 5239: 5238: 5236: 5232: 5231: 5227: 5222: 5217: 5212: 5207: 5202: 5201: 5200: 5198: 5194: 5193: 5189: 5188: 5183: 5178: 5173: 5168: 5163: 5158: 5153: 5148: 5147: 5146: 5136: 5131: 5130: 5129: 5119: 5117:Money creation 5114: 5113: 5112: 5102: 5097: 5096: 5095: 5090: 5085: 5075: 5073:Liquidity trap 5070: 5065: 5060: 5059: 5058: 5053: 5043: 5038: 5033: 5032: 5031: 5026: 5018: 5013: 5008: 5003: 4998: 4993: 4991:Business cycle 4988: 4983: 4977: 4976: 4975: 4973: 4972:Basic concepts 4969: 4968: 4965:Macroeconomics 4961: 4960: 4953: 4946: 4938: 4929: 4928: 4926: 4925: 4920: 4915: 4910: 4905: 4900: 4895: 4893:Quarter dollar 4890: 4885: 4879: 4877: 4873: 4872: 4870: 4869: 4867:Toronto dollar 4864: 4859: 4857:Liberty dollar 4854: 4852:Disney Dollars 4849: 4844: 4842:Calgary dollar 4838: 4836: 4832: 4831: 4829: 4828: 4822: 4820: 4816: 4815: 4813: 4812: 4807: 4801: 4799: 4795: 4794: 4792: 4791: 4785: 4780: 4774: 4772: 4768: 4767: 4765: 4764: 4759: 4753: 4751: 4750:Noncirculating 4747: 4746: 4744: 4743: 4738: 4733: 4728: 4723: 4718: 4713: 4708: 4703: 4701:Straits dollar 4698: 4696:Spanish dollar 4693: 4688: 4683: 4681:Sarawak dollar 4678: 4673: 4668: 4663: 4658: 4653: 4648: 4643: 4638: 4633: 4628: 4623: 4618: 4613: 4608: 4603: 4601:Malayan dollar 4598: 4593: 4588: 4583: 4578: 4573: 4568: 4563: 4558: 4553: 4548: 4543: 4538: 4533: 4528: 4523: 4518: 4513: 4511:Antigua dollar 4507: 4505: 4501: 4500: 4498: 4497: 4492: 4490:Ethiopian birr 4487: 4481: 4479: 4473: 4472: 4470: 4469: 4464: 4459: 4454: 4449: 4444: 4439: 4434: 4429: 4424: 4419: 4414: 4409: 4404: 4399: 4394: 4389: 4384: 4379: 4374: 4369: 4364: 4359: 4354: 4349: 4344: 4338: 4336: 4332: 4331: 4317: 4316: 4309: 4302: 4294: 4285: 4284: 4282: 4281: 4270: 4267: 4266: 4263: 4262: 4260: 4259: 4254: 4249: 4244: 4239: 4234: 4229: 4223: 4221: 4217: 4216: 4214: 4213: 4208: 4203: 4198: 4193: 4188: 4183: 4178: 4173: 4168: 4163: 4158: 4153: 4148: 4143: 4138: 4133: 4128: 4123: 4118: 4113: 4108: 4103: 4097: 4095: 4086: 4083: 4082: 4079: 4078: 4076: 4075: 4070: 4065: 4060: 4055: 4050: 4048:Surgutneftegas 4045: 4040: 4035: 4030: 4025: 4020: 4015: 4010: 4005: 4000: 3995: 3990: 3985: 3980: 3975: 3970: 3968:Eneos Holdings 3965: 3960: 3958:ConocoPhillips 3955: 3950: 3948:Cenovus Energy 3945: 3939: 3937: 3933: 3932: 3930: 3929: 3924: 3919: 3914: 3909: 3904: 3899: 3893: 3891: 3889:Energy trading 3885: 3884: 3882: 3881: 3876: 3871: 3866: 3861: 3856: 3851: 3846: 3841: 3836: 3831: 3826: 3821: 3816: 3811: 3806: 3801: 3796: 3791: 3786: 3781: 3776: 3771: 3766: 3761: 3756: 3751: 3746: 3741: 3736: 3731: 3726: 3721: 3716: 3711: 3706: 3701: 3696: 3691: 3685: 3683: 3676: 3673: 3672: 3670: 3669: 3664: 3659: 3654: 3649: 3644: 3638: 3636: 3627: 3618: 3612: 3606: 3605: 3603: 3602: 3601: 3600: 3595: 3590: 3585: 3575: 3573:Swing producer 3570: 3565: 3560: 3555: 3550: 3545: 3544: 3543: 3538: 3528: 3523: 3518: 3517: 3516: 3511: 3503: 3497: 3495: 3491: 3490: 3488: 3487: 3482: 3477: 3472: 3467: 3462: 3457: 3452: 3447: 3445:Gulf of Mexico 3442: 3437: 3432: 3427: 3422: 3416: 3414: 3408: 3407: 3405: 3404: 3399: 3394: 3389: 3384: 3379: 3374: 3369: 3364: 3359: 3354: 3349: 3344: 3339: 3334: 3332:2010s oil glut 3329: 3324: 3319: 3317:1980s oil glut 3314: 3309: 3304: 3298: 3296: 3290: 3289: 3287: 3286: 3281: 3276: 3271: 3266: 3261: 3256: 3251: 3246: 3245: 3244: 3239: 3229: 3224: 3223: 3222: 3217: 3212: 3202: 3201: 3200: 3195: 3184: 3182: 3176: 3175: 3173: 3172: 3167: 3162: 3157: 3156: 3155: 3145: 3140: 3135: 3134: 3133: 3126:Drilling fluid 3123: 3118: 3113: 3112: 3111: 3101: 3096: 3095: 3094: 3084: 3078: 3076: 3070: 3069: 3067: 3066: 3064:Seismic source 3061: 3060: 3059: 3049: 3044: 3039: 3038: 3037: 3032: 3022: 3017: 3012: 3006: 3004: 2998: 2997: 2994: 2993: 2991: 2990: 2989: 2988: 2978: 2973: 2968: 2963: 2958: 2953: 2947: 2945: 2941: 2940: 2938: 2937: 2932: 2927: 2922: 2917: 2912: 2906: 2904: 2897: 2893: 2892: 2890: 2889: 2884: 2879: 2874: 2869: 2864: 2862:Japan Cocktail 2859: 2854: 2849: 2844: 2839: 2834: 2829: 2823: 2821: 2815: 2814: 2812: 2811: 2809:Primary energy 2806: 2800: 2797: 2796: 2789: 2788: 2781: 2774: 2766: 2760: 2759: 2742: 2719: 2694: 2688: 2669: 2666: 2664: 2663: 2630: 2595: 2563: 2534: 2503: 2477: 2448: 2418: 2392: 2352: 2321: 2285: 2263: 2241: 2212: 2183: 2165: 2140: 2115: 2097: 2070: 2029: 2000: 1968: 1946: 1925: 1918: 1892: 1864: 1838: 1809: 1781: 1746: 1732: 1712: 1686: 1653: 1630: 1602: 1580: 1557: 1543: 1523: 1498: 1475: 1441: 1415: 1378: 1353: 1306: 1292: 1265: 1251: 1245:. p. 34. 1227: 1215:Bloomberg News 1201: 1187: 1163: 1136: 1114: 1092: 1055: 1022: 990: 947: 916: 910:978-0470185490 909: 887: 861: 838: 815: 784: 757: 721: 719: 716: 715: 714: 709: 703: 702: 688: 672: 669: 668: 667: 657: 650: 648: 638: 631: 629: 619: 612: 610: 599: 592: 590: 576: 569: 567: 556: 549: 547: 540: 533: 531: 520: 513: 511: 505: 498: 496: 485: 478: 476: 469: 462: 460: 450: 443: 441: 435: 428: 426: 416: 409: 407: 397: 390: 383: 380: 348: 345: 329:1980s oil glut 281: 278: 270:resource curse 249: 246: 238:neocolonialism 164:Arab countries 131:impact of the 124: 121: 108:and to former 106:Ibrahim Oweiss 93: 90: 88: 85: 66:global finance 15: 9: 6: 4: 3: 2: 5806: 5795: 5792: 5790: 5787: 5785: 5782: 5780: 5777: 5775: 5772: 5771: 5769: 5756: 5746: 5739: 5736: 5734: 5731: 5729: 5726: 5722: 5719: 5718: 5717: 5714: 5712: 5709: 5707: 5704: 5700: 5696: 5692: 5688: 5684: 5677: 5674: 5672: 5669: 5667: 5664: 5662: 5659: 5657: 5654: 5652: 5651:Peter Diamond 5649: 5647: 5644: 5642: 5639: 5637: 5636:Edmund Phelps 5634: 5632: 5629: 5627: 5624: 5622: 5619: 5617: 5614: 5612: 5611:Richard Stone 5609: 5607: 5604: 5602: 5599: 5597: 5596:Joan Robinson 5594: 5592: 5591:Simon Kuznets 5589: 5587: 5586:Gunnar Myrdal 5584: 5582: 5579: 5577: 5574: 5572: 5569: 5567: 5564: 5562: 5561:Irving Fisher 5559: 5557: 5556:Knut Wicksell 5554: 5552: 5549: 5547: 5544: 5542: 5539: 5537: 5534: 5532: 5529: 5525: 5523: 5518: 5507: 5504: 5502: 5499: 5497: 5494: 5490: 5487: 5486: 5485: 5482: 5480: 5477: 5473: 5470: 5469: 5468: 5465: 5463: 5460: 5456: 5452: 5445: 5442: 5440: 5437: 5435: 5432: 5430: 5427: 5423: 5420: 5419: 5418: 5417:New classical 5415: 5413: 5410: 5406: 5403: 5401: 5398: 5397: 5396: 5393: 5389: 5385: 5382: 5380: 5376: 5369: 5366: 5364: 5361: 5359: 5356: 5354: 5351: 5349: 5346: 5342: 5338: 5331: 5328: 5326: 5323: 5321: 5318: 5316: 5313: 5311: 5308: 5304: 5301: 5300: 5299: 5296: 5294: 5291: 5289: 5286: 5284: 5281: 5279: 5276: 5274: 5271: 5269: 5266: 5264: 5261: 5259: 5256: 5254: 5251: 5249: 5246: 5244: 5241: 5237: 5233: 5226: 5223: 5221: 5218: 5216: 5213: 5211: 5208: 5206: 5203: 5199: 5195: 5187: 5184: 5182: 5179: 5177: 5174: 5172: 5169: 5167: 5166:Shrinkflation 5164: 5162: 5159: 5157: 5154: 5152: 5149: 5145: 5142: 5141: 5140: 5137: 5135: 5132: 5128: 5125: 5124: 5123: 5120: 5118: 5115: 5111: 5108: 5107: 5106: 5103: 5101: 5098: 5094: 5091: 5089: 5086: 5084: 5081: 5080: 5079: 5076: 5074: 5071: 5069: 5066: 5064: 5063:Interest rate 5061: 5057: 5054: 5052: 5049: 5048: 5047: 5044: 5042: 5039: 5037: 5034: 5030: 5027: 5025: 5022: 5021: 5020:Expectations 5019: 5017: 5014: 5012: 5009: 5007: 5004: 5002: 4999: 4997: 4994: 4992: 4989: 4987: 4984: 4982: 4979: 4978: 4974: 4970: 4966: 4959: 4954: 4952: 4947: 4945: 4940: 4939: 4936: 4924: 4921: 4919: 4916: 4914: 4911: 4909: 4906: 4904: 4901: 4899: 4896: 4894: 4891: 4889: 4886: 4884: 4881: 4880: 4878: 4876:See also 4874: 4868: 4865: 4863: 4860: 4858: 4855: 4853: 4850: 4848: 4845: 4843: 4840: 4839: 4837: 4833: 4827: 4824: 4823: 4821: 4817: 4811: 4808: 4806: 4805:Linden dollar 4803: 4802: 4800: 4796: 4789: 4786: 4784: 4781: 4779: 4776: 4775: 4773: 4769: 4763: 4760: 4758: 4755: 4754: 4752: 4748: 4742: 4739: 4737: 4734: 4732: 4729: 4727: 4724: 4722: 4719: 4717: 4714: 4712: 4709: 4707: 4704: 4702: 4699: 4697: 4694: 4692: 4689: 4687: 4684: 4682: 4679: 4677: 4674: 4672: 4669: 4667: 4664: 4662: 4659: 4657: 4654: 4652: 4649: 4647: 4646:Penang dollar 4644: 4642: 4639: 4637: 4634: 4632: 4629: 4627: 4624: 4622: 4619: 4617: 4614: 4612: 4609: 4607: 4604: 4602: 4599: 4597: 4594: 4592: 4589: 4587: 4584: 4582: 4579: 4577: 4574: 4572: 4569: 4567: 4564: 4562: 4559: 4557: 4554: 4552: 4549: 4547: 4544: 4542: 4539: 4537: 4534: 4532: 4529: 4527: 4524: 4522: 4519: 4517: 4514: 4512: 4509: 4508: 4506: 4502: 4496: 4493: 4491: 4488: 4486: 4483: 4482: 4480: 4474: 4468: 4465: 4463: 4460: 4458: 4455: 4453: 4450: 4448: 4445: 4443: 4440: 4438: 4435: 4433: 4430: 4428: 4425: 4423: 4420: 4418: 4415: 4413: 4410: 4408: 4405: 4403: 4400: 4398: 4395: 4393: 4392:Fijian dollar 4390: 4388: 4385: 4383: 4380: 4378: 4375: 4373: 4370: 4368: 4367:Brunei dollar 4365: 4363: 4360: 4358: 4357:Belize dollar 4355: 4353: 4350: 4348: 4345: 4343: 4340: 4339: 4337: 4333: 4328: 4327: 4322: 4315: 4310: 4308: 4303: 4301: 4296: 4295: 4292: 4280: 4272: 4271: 4268: 4258: 4255: 4253: 4250: 4248: 4245: 4243: 4240: 4238: 4235: 4233: 4230: 4228: 4225: 4224: 4222: 4218: 4212: 4209: 4207: 4204: 4202: 4199: 4197: 4194: 4192: 4189: 4187: 4184: 4182: 4179: 4177: 4174: 4172: 4169: 4167: 4164: 4162: 4159: 4157: 4154: 4152: 4149: 4147: 4144: 4142: 4139: 4137: 4134: 4132: 4129: 4127: 4124: 4122: 4119: 4117: 4114: 4112: 4109: 4107: 4104: 4102: 4099: 4098: 4096: 4093: 4084: 4074: 4073:Valero Energy 4071: 4069: 4066: 4064: 4061: 4059: 4056: 4054: 4051: 4049: 4046: 4044: 4041: 4039: 4038:Suncor Energy 4036: 4034: 4031: 4029: 4026: 4024: 4021: 4019: 4016: 4014: 4011: 4009: 4006: 4004: 4001: 3999: 3996: 3994: 3991: 3989: 3986: 3984: 3981: 3979: 3976: 3974: 3971: 3969: 3966: 3964: 3961: 3959: 3956: 3954: 3951: 3949: 3946: 3944: 3941: 3940: 3938: 3934: 3928: 3925: 3923: 3920: 3918: 3915: 3913: 3910: 3908: 3905: 3903: 3900: 3898: 3895: 3894: 3892: 3890: 3886: 3880: 3877: 3875: 3872: 3870: 3867: 3865: 3862: 3860: 3857: 3855: 3852: 3850: 3847: 3845: 3842: 3840: 3837: 3835: 3832: 3830: 3827: 3825: 3822: 3820: 3817: 3815: 3812: 3810: 3807: 3805: 3802: 3800: 3797: 3795: 3792: 3790: 3787: 3785: 3782: 3780: 3777: 3775: 3772: 3770: 3767: 3765: 3762: 3760: 3757: 3755: 3752: 3750: 3747: 3745: 3742: 3740: 3737: 3735: 3732: 3730: 3727: 3725: 3722: 3720: 3717: 3715: 3712: 3710: 3707: 3705: 3702: 3700: 3697: 3695: 3692: 3690: 3687: 3686: 3684: 3681: 3674: 3668: 3667:TotalEnergies 3665: 3663: 3660: 3658: 3655: 3653: 3650: 3648: 3645: 3643: 3640: 3639: 3637: 3635: 3631: 3628: 3625: 3616: 3613: 3611:organisations 3609:Companies and 3607: 3599: 3596: 3594: 3591: 3589: 3586: 3584: 3581: 3580: 3579: 3576: 3574: 3571: 3569: 3566: 3564: 3561: 3559: 3556: 3554: 3551: 3549: 3548:Petrocurrency 3546: 3542: 3539: 3537: 3534: 3533: 3532: 3529: 3527: 3524: 3522: 3521:Oil shale gas 3519: 3515: 3512: 3510: 3507: 3506: 3504: 3502: 3501:Abbreviations 3499: 3498: 3496: 3492: 3486: 3483: 3481: 3478: 3476: 3473: 3471: 3468: 3466: 3463: 3461: 3460:Permian Basin 3458: 3456: 3453: 3451: 3448: 3446: 3443: 3441: 3438: 3436: 3433: 3431: 3428: 3426: 3423: 3421: 3418: 3417: 3415: 3409: 3403: 3400: 3398: 3397:United States 3395: 3393: 3390: 3388: 3385: 3383: 3380: 3378: 3375: 3373: 3370: 3368: 3365: 3363: 3360: 3358: 3357:Seven Sisters 3355: 3353: 3350: 3348: 3345: 3343: 3340: 3338: 3335: 3333: 3330: 3328: 3325: 3323: 3320: 3318: 3315: 3313: 3310: 3308: 3305: 3303: 3300: 3299: 3297: 3295: 3291: 3285: 3282: 3280: 3277: 3275: 3272: 3270: 3267: 3265: 3262: 3260: 3257: 3255: 3252: 3250: 3247: 3243: 3240: 3238: 3235: 3234: 3233: 3230: 3228: 3225: 3221: 3218: 3216: 3213: 3211: 3208: 3207: 3206: 3203: 3199: 3196: 3194: 3191: 3190: 3189: 3186: 3185: 3183: 3181: 3177: 3171: 3168: 3166: 3163: 3161: 3158: 3154: 3151: 3150: 3149: 3146: 3144: 3141: 3139: 3136: 3132: 3129: 3128: 3127: 3124: 3122: 3119: 3117: 3114: 3110: 3107: 3106: 3105: 3102: 3100: 3097: 3093: 3090: 3089: 3088: 3085: 3083: 3080: 3079: 3077: 3075: 3071: 3065: 3062: 3058: 3055: 3054: 3053: 3050: 3048: 3045: 3043: 3040: 3036: 3033: 3031: 3028: 3027: 3026: 3023: 3021: 3018: 3016: 3013: 3011: 3010:Core sampling 3008: 3007: 3005: 3003: 2999: 2987: 2984: 2983: 2982: 2979: 2977: 2974: 2972: 2969: 2967: 2964: 2962: 2959: 2957: 2954: 2952: 2949: 2948: 2946: 2942: 2936: 2933: 2931: 2928: 2926: 2923: 2921: 2918: 2916: 2913: 2911: 2908: 2907: 2905: 2901: 2898: 2894: 2888: 2885: 2883: 2880: 2878: 2875: 2873: 2870: 2868: 2865: 2863: 2860: 2858: 2855: 2853: 2850: 2848: 2847:Indian Basket 2845: 2843: 2840: 2838: 2835: 2833: 2830: 2828: 2825: 2824: 2822: 2820: 2816: 2810: 2807: 2805: 2802: 2801: 2798: 2794: 2787: 2782: 2780: 2775: 2773: 2768: 2767: 2764: 2756: 2752: 2751:Econographics 2748: 2743: 2732: 2728: 2724: 2720: 2713: 2709: 2702: 2701: 2695: 2691: 2685: 2681: 2677: 2672: 2671: 2660: 2648: 2644: 2640: 2634: 2627: 2616: 2615: 2610: 2608: 2599: 2592: 2580: 2579: 2574: 2567: 2560: 2549: 2545: 2538: 2522: 2518: 2514: 2507: 2492: 2488: 2481: 2474: 2463: 2459: 2452: 2445: 2433: 2429: 2422: 2415: 2403: 2396: 2389: 2374: 2370: 2363: 2356: 2349: 2338: 2337: 2332: 2325: 2318: 2306: 2302: 2297: 2289: 2273: 2267: 2251: 2245: 2238: 2227: 2223: 2216: 2209: 2198: 2194: 2187: 2180: 2168: 2162: 2158: 2154: 2150: 2144: 2137: 2125: 2119: 2112: 2100: 2094: 2090: 2086: 2085: 2080: 2074: 2067: 2051: 2047: 2040: 2033: 2026: 2015: 2011: 2004: 1996: 1990: 1982: 1978: 1972: 1964: 1960: 1956: 1950: 1942: 1941: 1936: 1929: 1921: 1915: 1911: 1906: 1905: 1896: 1881: 1880: 1875: 1868: 1853: 1849: 1842: 1835: 1824: 1820: 1813: 1805: 1801: 1800: 1795: 1791: 1785: 1769: 1765: 1764: 1758: 1750: 1735: 1729: 1725: 1724: 1716: 1700: 1696: 1690: 1683: 1670: 1669: 1664: 1657: 1641: 1634: 1619: 1618: 1613: 1606: 1591:. Kuwait Fund 1590: 1584: 1568: 1561: 1546: 1540: 1536: 1535: 1527: 1508: 1502: 1486: 1479: 1462: 1457: 1456: 1451: 1445: 1429: 1428:The Economist 1425: 1419: 1400: 1396: 1389: 1382: 1367: 1363: 1357: 1349: 1343: 1327: 1323: 1322: 1317: 1310: 1295: 1289: 1285: 1281: 1280: 1275: 1269: 1254: 1248: 1244: 1240: 1239: 1231: 1216: 1212: 1205: 1190: 1188:0-8014-2884-X 1184: 1180: 1176: 1175: 1167: 1151: 1147: 1140: 1124: 1118: 1102: 1096: 1080: 1076: 1072: 1066: 1064: 1062: 1060: 1052: 1050: 1036: 1035:"Petrodollar" 1032: 1026: 1019: 1007: 1006: 1001: 994: 987: 983: 978: 976: 961: 957: 951: 935: 934: 933:The Economist 929: 923: 921: 912: 906: 901: 900: 891: 876: 872: 865: 849: 842: 826: 819: 803: 799: 795: 788: 772: 766: 764: 762: 753: 747: 739: 735: 729: 727: 722: 713: 710: 708: 705: 704: 700: 699:Energy portal 694: 689: 686: 680: 675: 664: 660: 654: 649: 645: 641: 635: 630: 626: 622: 616: 611: 607: 603: 596: 591: 587: 583: 579: 573: 568: 564: 560: 553: 548: 544: 537: 532: 528: 524: 517: 512: 508: 502: 497: 493: 489: 482: 477: 473: 466: 461: 458: 454: 453:Faisal Mosque 447: 442: 438: 432: 427: 424: 420: 413: 408: 404: 400: 394: 389: 388: 387: 379: 377: 372: 370: 369: 362: 358: 354: 344: 342: 338: 334: 330: 326: 322: 317: 315: 311: 307: 303: 299: 295: 291: 287: 277: 275: 271: 267: 262: 254: 245: 243: 239: 235: 231: 226: 222: 217: 213: 208: 204: 200: 196: 191: 189: 185: 181: 177: 173: 169: 165: 161: 156: 154: 150: 146: 142: 138: 134: 130: 120: 118: 114: 111: 107: 103: 99: 87:Capital flows 84: 82: 77: 75: 71: 67: 63: 59: 54: 51:, mainly the 50: 46: 42: 38: 30: 26: 22: 21:Petrocurrency 5671:Paul Krugman 5616:Hyman Minsky 5576:Alvin Hansen 5348:Econometrics 5325:Overshooting 5278:Harrod–Domar 5273:Arrow–Debreu 5220:Central bank 5186:Unemployment 5176:Supply shock 5134:Money supply 5011:Disinflation 5006:Demand shock 4913:Trade dollar 4898:Holey dollar 4782: 4721:Texas dollar 4485:Chinese yuan 4476:Circulating, 4324: 4176:Schlumberger 4106:Baker Hughes 3998:Marathon Oil 3988:Imperial Oil 3983:Husky Energy 3973:Galp Energia 3963:Devon Energy 3849:Saudi Aramco 3829:Petrovietnam 3774:NNPC Limited 3678:National oil 3558:Petrofiction 3552: 3526:Orphan wells 3494:Other topics 3465:Persian Gulf 3392:Saudi Arabia 3362:Standard Oil 3170:Well logging 3047:Petrophysics 2750: 2734:. Retrieved 2712:the original 2699: 2675: 2658: 2651:. Retrieved 2647:the original 2642: 2633: 2625: 2620:February 19, 2618:. Retrieved 2612: 2606: 2598: 2589: 2582:. Retrieved 2576: 2566: 2558: 2551:. Retrieved 2547: 2537: 2525:. Retrieved 2516: 2506: 2494:. Retrieved 2490: 2480: 2472: 2467:December 29, 2465:. Retrieved 2461: 2451: 2443: 2436:. Retrieved 2432:the original 2421: 2413: 2406:. Retrieved 2395: 2387: 2382:November 29, 2380:. Retrieved 2373:the original 2355: 2347: 2340:. Retrieved 2334: 2324: 2316: 2309:. Retrieved 2300: 2288: 2276:. Retrieved 2266: 2254:. Retrieved 2244: 2236: 2229:. Retrieved 2225: 2215: 2207: 2200:. Retrieved 2196: 2186: 2177: 2170:. Retrieved 2156: 2143: 2135: 2128:. Retrieved 2118: 2109: 2102:. Retrieved 2083: 2073: 2064: 2057:. Retrieved 2050:the original 2032: 2024: 2017:. Retrieved 2013: 2003: 1971: 1955:Ben Bernanke 1949: 1938: 1928: 1903: 1895: 1885:December 31, 1883:. Retrieved 1877: 1867: 1857:November 28, 1855:. Retrieved 1841: 1833: 1826:. 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Retrieved 850:. New Yorker 841: 829:. Retrieved 827:. New Yorker 818: 806:. Retrieved 802:the original 797: 787: 775:. Retrieved 661:vehicles in 472:Soviet Union 385: 373: 368:currency war 365: 352: 350: 318: 283: 263: 259: 192: 168:Persian Gulf 157: 129:recessionary 126: 95: 78: 74:price of oil 58:U.S. dollars 53:OPEC members 45:petrodollars 44: 36: 35: 25: 5551:LĂ©on Walras 5434:Supply-side 5263:Accelerator 5171:Stagflation 5156:Price level 5051:Demand-pull 4888:Half dollar 4883:Dollar sign 4826:Angus Bucks 4783:Petrodollar 4757:Niue dollar 4478:but renamed 4432:Samoan tālā 4335:Circulating 4146:Halliburton 4018:Phillips 66 3839:QatarEnergy 3809:Petrobangla 3744:KazMunayGas 3634:Supermajors 3583:heavy crude 3470:Prudhoe Bay 3450:Niger Delta 3430:Caspian Sea 3193:Concessions 3143:Measurement 3109:Geosteering 3092:Squeeze job 3002:Exploration 2951:Consumption 2910:Consumption 2903:Natural gas 2832:Bonny Light 2736:January 31, 2653:January 13, 2614:Vanity Fair 2438:January 30, 2256:February 7, 2231:January 16, 2202:November 5, 2172:January 18, 2104:January 18, 2059:January 17, 2019:January 17, 1828:January 12, 1671:(41): 47–68 1646:February 4, 1595:January 22, 1550:January 22, 1516:January 22, 1408:January 31, 1299:January 31, 1258:January 31, 1194:February 8, 1156:February 5, 1129:January 31, 1107:January 31, 1085:January 31, 1040:January 11, 1012:February 5, 966:January 11, 940:February 7, 880:January 14, 600:New York's 557:Bottles of 529:oil fortune 457:King Faisal 451:Pakistan's 306:remittances 298:Kuwait Fund 294:petro-Islam 286:foreign aid 280:Foreign aid 242:debt relief 240:from which 5768:Categories 5606:John Hicks 5536:Adam Smith 5489:Circuitism 5479:Ecological 5467:Chartalism 5412:Monetarism 5387:Mainstream 5283:Solow–Swan 5258:Multiplier 5215:Commercial 5110:Endogenous 5068:Investment 4778:Eurodollar 4771:Conceptual 4329:or similar 4321:Currencies 4196:Transocean 4063:Tullow Oil 4053:TechnipFMC 3819:PetroChina 3657:ExxonMobil 3563:Shale band 3440:East Texas 3413:and fields 3227:Downstream 3180:Production 3087:Completion 3015:Geophysics 2956:Production 2915:Production 2852:Indonesian 2827:Argus Sour 2819:Benchmarks 2408:January 5, 1682:workforce. 1589:"Timeline" 1371:August 25, 1177:. Ithaca: 718:References 582:Saudi Oger 565:since 2005 494:since 1981 437:Itaipu Dam 207:Eurodollar 180:revolution 92:Background 81:oil crisis 43:exports (" 5716:Economics 5546:Karl Marx 5454:Heterodox 5429:Stockholm 5395:Keynesian 5161:Recession 5056:Cost-push 5046:Inflation 5001:Deflation 4819:Fictional 4191:TC Energy 4092:companies 3922:Trafigura 3869:Sonatrach 3814:Petrobras 3804:Pertamina 3714:Ecopetrol 3680:companies 3624:companies 3622:petroleum 3598:tight oil 3593:oil shale 3588:oil sands 3568:Shale gas 3509:sweet oil 3480:Venezuela 3455:North Sea 3411:Provinces 3402:Venezuela 3249:Midstream 2944:Petroleum 2804:Petroleum 2643:Just Auto 2584:March 29, 2553:March 29, 2342:August 1, 2311:August 1, 2278:March 23, 2130:March 29, 1774:March 29, 1739:March 29, 1705:March 29, 1395:Citigroup 1342:cite book 1243:Routledge 903:. 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Index

Petrocurrency
refer to caption
petroleum
petroleum-exporting states
OPEC members
U.S. dollars
pegged
global finance
petroleum politics
price of oil
oil crisis
1974–1981
2005–2014
Ibrahim Oweiss
U.S. Secretary of Commerce
Peter G. Peterson
industrialization
recessionary
1973 oil crisis
International Monetary Fund
developing countries
floating exchange rates
Johan Witteveen
balance of trade
current account
Arab countries
Persian Gulf
Libya
Iran
revolution

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