There is no such thing as a petrodollar. Yet, the term continues to garner use in today’s discussions about global currencies and financial arrangements. The word is frequently thrown around whenever some oil producing state does something in partnership with another country not named United States.
From a certain, narrow perspective, the mistake is somewhat understandable. The real global currency, eurodollar, has remained entirely in the dark. As so, by the time of the oil embargo in 1973, and the newfound, price-soaked gains redistributed to OPEC, it only seemed like a new currency system had been arranged out of the 1971 ashes of Bretton Woods with oil replacing gold as its commodity center.
No.
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