De-Dollarization Has Begun | The End of the Petrodollar

While it didn't get big headlines, the demise of the petrodollar could mean big trouble for a U.S. government that depends on dollar dominance to support its borrowing and spending.

"Petrodollar" refers to the dollar's role in crude oil transactions.

In the wake of the 1973 oil crisis, Saudi Arabia agreed to conduct all oil transactions in dollars and invest its oil surplus funds in U.S. Treasuries in exchange for U.S. military support.

The agreement was a boon for the dollar and was key in cementing the greenback as the world reserve currency. Due to Saudi Arabia's prominent role in the global oil trade, the agreement had a far-reaching effect. As a result, virtually all of the world's global oil transactions were priced in dollars.

Video Viewed: Saudi Arabia Just Shocked the Dollar! Future with BRICS and China
Video Link: https://www.youtube.com/watch?v=ujEKs94uRTE&list=WL&index=1

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