This is false. The entire story of the petrodollar is lengthy and involves an understanding of economic arrangements in times past, how they worked, how they co

This is false. The entire story of the petrodollar is lengthy and involves an understanding of economic arrangements in times past, how they worked, how they collapsed, and the details in between. Rather than try to write this all out here, I think an excellent post that does a very good job of summing up these intricacies is available here: https://www.quora.com/Why-is-oil-priced-and-traded-in-U-S-dollars/answer/Robert-Parker-115 https://www.quora.com/Why-is-oil-priced-and-traded-in-U-S-do... The fact that oil is settled to this day primarily in USD has everything to do with the US and Saudi Arabia. Understanding this system also helps one appreciate the relevance of very contemporary issues like China attempting to push oil producing nations to settle their contracts in yuan. It's not about the short micro level effects, which would essentially just be a currency conversion, but about the macro level effects and implications of what currency the most in demand import in the world is offered in. If China succeeds with their goal, the economic consequences for the US could not be overstated.