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The Petrodollar - The US-Saudi Deal that Ruined the World - CounterPunch.org

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The United States–Saudi “petrodollar” arrangement has underpinned American economic and military power for nearly five decades. In essence, oil exports from Saudi Arabia (and later OPEC broadly) have been priced in U.S. dollars since the 1974, ensuring a constant global demand for the dollar and U.S. Treasury assets. This monetary system forms the hidden backbone of a web of consequences – from U.S. imperialism and geopolitical maneuvering to environmental degradation and extreme wealth accumulation. Today, roughly 80% of global oil transactions are still conducted in USD, illustrating the petrodollar system’s enduring influence. Below, we analyze the historical origins of the petrodollar, explain how this monetary system became a root cause linking finance to geopolitics and ecological crisis, and discuss proposed alternatives like Modern Monetary Theory (MMT) that could break the cycle.

The Petrodollar - The US-Saudi Deal that Ruined the World - CounterPunch.org CounterPunch+ Exclusives Home $0.00 March 10, 2025 The Petrodollar – The US-Saudi Deal that Ruined the World Daragh Cogley King Salman, Presidents Trump and el-Sisi inaugurate the Global Center for Combating Extremism by touching an illuminated globe of the Earth. Image Wikipedia. “I’m going to Saudi Arabia. I made a deal with Saudi Arabia. I’d usually go to the U.K. first. Last time I went to Saudi Arabia they put up $450 billion. I said well, this time they’ve gotten richer, we&#821

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