The End of US Petrodollar Hegemony
Journal: Lincoln Repository (University of Lincoln)
Year: 2018

This paper explores an under-researched aspect of US prestige, power, and strategy, namely, the pricing of oil in US dollars since 1973. US petrodollar hegemony has enabled the United States to run large current account deficits and to borrow and consume while other countries have had to save and invest. It has contributed to a rise in living standards in the United States that would otherwise not have been possible. It has allowed the US to dominate global energy markets. &#13;\n&#13;\nSome com