Petrodollar

There's some speculation that one reason the US invaded Iraq was to defend the petrodollar from the advent of the petroeuro. ❋ Unknown (2005)

Their decades-old promise to use only the petrodollar translates into them being an appendage of Pentagon power projection across the Middle East. ❋ Pepe Escobar (2012)

Leading expert in G. C.C economies, he coined the definition of "petrodollar" in 1973, in order to describe the US dollar-denominated incomes of many oil-rich countries, particularly the Opec States of the Persian Gulf region. ❋ Unknown (2009)

The political landscape is also a battleground scarred with the competing ideologies of Arab nationalism, nascent democratic liberalism and Islamism, or political Islam, bolstered by decades of Iranian and petrodollar funding for export of radical ideology. ❋ M.D. Ida Lichter (2011)

Leave aside, for the moment, the new sanctions on Iran’s Central Bank that will go into effect months from now, ignore Iranian threats to close the Strait of Hormuz especially unlikely given that it’s the main way Iran gets its own oil to market, and perhaps one key reason the crisis in the Persian Gulf is mounting involves this move to torpedo the petrodollar as the all-purpose currency of exchange. ❋ Pepe Escobar (2012)

In this context, it’s worth remembering that in September 2000 Saddam Hussein abandoned the petrodollar as the currency of payment for Iraq’s oil, and moved to the euro. ❋ Pepe Escobar (2012)

DUBAI -- India's Axis Bank Ltd., one of the largest private-sector lenders in the country, is eyeing the petrodollar-rich Middle East region to expand its international business and hopes to achieve at least 30% annualized growth here, a senior executive said. ❋ Unknown (2010)

Several Indian financial companies have recently set up shop in the DIFC as they seek to tap the region's petrodollar-fueled economic growth, and service, in particular, the large number of Indian expatriates that are present here. ❋ Unknown (2010)

Look at these emirs living a [luxurious] life with their unearned petrodollars. [Thank god] our [royals] are nothing like them. ❋ Riccati (2022)