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Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused: Dollars paid to oil-producing nations ( petrodollar recycling )—a term invented in the 1970s meaning trading surpluses of oil-producing nations.
Petrodollar recycling. Fluctuations of OPEC net oil export revenues since 1972, showing elevated inflation-adjusted levels during 1974–1981 and 2005–2014 [1][2] Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports (" petrodollars "). [3] It generally refers to the phenomenon of ...
Since 1971, when U.S. President Richard Nixon ended the dollar convertibility to gold, many foreign currencies emerged trying to replicate the pre-1971 situation. An example of a petrocurrency backed by gold was a project by the Libyan leader Muammar Gaddafi, who released a project to create a multinational African currency, However, this project was discarded because he was overthrown by the ...
Terraxos () 22:40, 3 July 2008 (UTC) [ reply. Keep distinct or mrege to petrodollar. "Petrodollars" meaning OPEC supluses piling up in banks in the late 1970s and early 1980s was the original use, though it was not all in US dollars. The main context was the need for petrodollar recycling aimed at getting this money back into the international ...
Congolese franc – Democratic Republic of the Congo (replaced in 1967, re-established in 1998) Djiboutian franc – Djibouti. French franc – France. French Camerounian franc – French Cameroun. French Equatorial African franc – French Equatorial Africa. French Guianan franc – French Guiana.
Gasoline in a glass jar. Gasoline or petrol is a petrochemical product characterized as a transparent, yellowish, and flammable liquid normally used as a fuel for spark-ignited internal combustion engines.
Petróleo Brasileiro S.A., better known by and trading as the portmanteau Petrobras (Portuguese pronunciation: [ˌpɛtɾoˈbɾas, pet-]), is a state-owned Brazilian multinational corporation in the petroleum industry headquartered in Rio de Janeiro, Brazil. The company's name translates to Brazilian Petroleum Corporation — Petrobras.
Three cases of a country using or pegging the currency of a neighbor. Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. [1] Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe.