Introduction
The petrodollar system refers to US dollars earned by countries through the sale of oil. Conspiracies focus on its role in geopolitics, wars, and global finance.
Origins
The term emerged in the 1970s, after the US and Saudi Arabia established the dollar as the default currency for oil trade. The system links oil exports, US military power, and the global economy.
Key Examples
- Theories about wars to protect the petrodollar.
- Claims oil countries face regime change if they try to sell in euros or yuan.
- Links to economic crises and US debt policy.
Critical Analysis
Most economists see petrodollars as a financial mechanism, not a hidden conspiracy. But its influence is undeniable.
Influential Literature: Pro & Contra
- William R. Clark – “Petrodollar Warfare” – New Society, 2005. Clark, Petrodollar Warfare. New Society, 2005.
- Michael T. Klare – “Blood and Oil” – Metropolitan Books, 2004. Klare, Blood and Oil. Metropolitan, 2004.
- David E. Spiro – “The Hidden Hand of American Hegemony” – Cornell, 1999. Spiro, Hidden Hand. Cornell, 1999.
- James R. Norman – “The Oil Card” – TrineDay, 2008. Norman, The Oil Card. TrineDay, 2008.
- Antonia Juhasz – “The Tyranny of Oil” – Harper, 2008. Juhasz, The Tyranny of Oil. Harper, 2008.
- Jan Harold Brunvand – “Encyclopedia of Urban Legends” – W.W. Norton, 2001. Brunvand, Encyclopedia of Urban Legends. Norton, 2001.
- Michael Barkun – “A Culture of Conspiracy” – University of California Press, 2013. Barkun, A Culture of Conspiracy. UCP, 2013.
- Colin Wilson – “The Occult” – Random House, 1971. Wilson, The Occult. RH, 1971.
- David Clarke – “Supernatural” – Hodder & Stoughton, 2011. Clarke, Supernatural. Hodder, 2011.
