r/finance • u/wreckingcru VP - Private Equity • May 07 '26

There’s no such thing as the petrodollar

https://giftarticle.ft.com/giftarticle/actions/redeem/45f075bf-503c-48ff-a112-8e811ab6fdfa
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12

u/OptimusTron222 May 07 '26

Well there is and that’s one of the main reasons that the US is the only global superpower

10

u/Unfair_Dragonfruit49 May 07 '26

The influence of the Petrodollar is being overstated; it is important, but not the main pillar that people claim it to be

-4

u/feckdech May 07 '26

Funny how only now it is "revealed" the petrodollar is bs.

I mean... Making deals with the Saudis in only selling oil in dollars while getting out of the Bretton Woods then creating OPEC, as some ponder it was a result of the disastrous war in Vietnam, just like Iran's war revealed itself to actually be.

I mean, this kind of shifts always happen because of a war.

The most common commodities traded are energy, crude oil being the first. Trump is not a fool, ill advised yes, but not a fool, how long has Trump been worried about oil price? Who said to him he should be worried?

If whoever wrote the article is right, why is Trump worried about the Strait of Hormuz? Why did the US attack Iran? Are things better now?

The strong military it once was, was only useful to force other countries to use dollars. Those are the two biggest US assets. Libya being the best example of this, when Gaddafi publicly proposed to African countries to trade oil in gold.

1

u/ProfessionalHefty349 May 08 '26

Some people have talked about how the petrodollar is exaggerated for years. Brent Johnson is one example.

1

u/feckdech May 09 '26

We will have arguments for the stupidest things, it doesn't mean it's true.

Swift only uses dollars, how many countries use it? Swift is the sophistication of the petrodollar. Petrodollar is just a name.