Knowledge (XXG)

Petrodollar recycling

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423: 626: 476: 645: 404: 512: 563: 664: 527: 279:, OPEC revenues approximated an unprecedented US$ 1 trillion per year in 2008 and 2011–2014. Beyond the OPEC countries, substantial surpluses also accrued to Russia and Norway, and sovereign wealth funds worldwide amassed US$ 7 trillion by 2014–2015. Some oil exporters were unable to reap the full benefits, as the national economies of Iran, Iraq, Libya, Nigeria and Venezuela all suffered from multi-year political obstacles associated with what economists call the " 264: 583: 606: 5762: 4286: 442: 704: 547: 130:; but the surpluses could be usefully invested in other locations, or spent on imports such as consumer products, construction supplies, and military equipment. Alternatively, global economic growth would have suffered if that money was withdrawn from the world economy, while the oil-exporting states needed to be able to invest profitably to raise their long-term standards of living. 457: 690: 492: 40: 162:, the Managing Director of the IMF, said in 1974: "The international monetary system is facing its most difficult period since the 1930s." The IMF administered a new lending program during 1974–1976 called the Oil Facility. Funded by oil-exporting states and other lenders, it was available to governments suffering from acute problems with their 126:, both in 1973.) These petrodollar surpluses could be described as net U.S. dollar-equivalents earned from the export of petroleum, in excess of the internal development needs of the exporting countries. The surpluses could not be efficiently invested in their own economies, due to small populations or being at early stages of 220:
market as a less-regulated rival to U.S. monetary markets. As the recessionary condition of the world economy made investment in corporations less attractive, bankers and well-financed governments lent much of the money directly to the governments of developing countries, especially in Latin America
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Georgetown University economics professor Ibrahim Oweiss has written about petrodollars and is credited with the word's coinage by Knowledge (XXG), but there is insufficient documentary evidence that he used the term first in 1973. Former commerce secretary Peter G. Peterson was credited with using
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The former head of the Soviet planning agency, Nikolai Baibakov, recalled that 'what we got for oil and gas' was $ 15 billion in 1976–80 and $ 35 billion in 1981–85. Of this money, the Soviets spent, respectively, $ 14 billion and $ 26.3 billion to buy grain, both to feed the
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In the 2005–2014 petrodollar surge, financial decision-makers were able to benefit somewhat from the lessons and experiences of the previous cycle. Developing economies generally stayed better balanced than they did in the 1970s; the world economy was less oil-intensive; and global inflation and
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as well as other major developing countries like Turkey. The 1973 oil crisis had created a vast dollar shortage in these countries; however, they still needed to finance their imports of oil and machinery. In early 1977, when Turkey stopped heating its prime minister's office, opposition leader
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plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of
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interest rates were much better contained. Oil exporters opted to make most of their investments directly into a diverse array of global markets, and the recycling process was less dependent on intermediary channels such as international banks and the IMF.
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enforced by violent military interventions against countries like Iraq, Iran, and Venezuela, and a key hidden driver of world politics. The term was coined by William R. Clark, who has written a book with the same title. The phrase
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summarized the situation: "Banks collected the deposits of revenue-rich OPEC governments and lent the money to developing countries so they could avoid bankruptcy." In subsequent decades, many of these developing states found their
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Dubai is capitalized just as much on cheap labour as it is on expensive oil, and the Maktoums, like their cousins in the other emirates, are exquisitely aware that they reign over a kingdom built on the backs of a South Asian
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In March 1973... Two weeks after Dr. Oweiss had used the word – at an international monetary seminar held at Columbia University's Arden House in Harriman, New York – it was picked up by a prestigious economics commentator in
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International bankers... began to invest huge amounts of those petro-dollars in Brazil and other developing countries..., allowing them to finance gigantic infrastructure works like the Itaipu Hydroelectric
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Mohtashami Pur, a one-time ambassador to Lebanon who currently holds the title of secretary-general of the 'Intifada conference', told an Iranian newspaper that Iran transferred the missiles to the Shi'ite
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Since the Dubai-based airline began its wine program 12 years ago, it has spent more than $ 500 million to develop the best wine list in the sky... 'It's an investment. We look at it like a commodity.'
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From a 14.6% stake of around US$ 329 million acquisition in December 1974, the KIA is now the largest consistent shareholder in Daimler over 40 years where our 6.9% stake is currently valued around $
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According to critics, the use of dollars in international oil transactions increases overall U.S. dollar demand by only a tiny fraction, and the dollar's overall status as the major
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surplus for all members of OPEC amounted to US$ 450 billion, without scaling-up for the subsequent decades of inflation. Ninety percent of this surplus was accumulated by the
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to the U.S. dollar and some not. These flows are heavily influenced by government-level decisions regarding international investment and aid, with important consequences for both
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High oil prices in the 1970s propped up the regime so well, that had it not been for Soviet oil sales, it's quite possible the regime would have collapsed a decade earlier.
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Since the Russian oligarch began pouring petro-dollars into Stamford Bridge, he has turned one of English football's underachieving clubs into an established powerhouse.
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In return for oil, Cuba is sending Venezuela between 30,000 and 50,000 technical staff. As many as 30,000 Cubans in Venezuela are presumably medical doctors.
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was an early leader since 1961, and certain Arab states became some of the largest donors in the years since 1974, including through the IMF and the
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The price of the arms sale gives increased weight to an argument that in part it should be approved because it helps to 'recycle petrodollars'.
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A U.N. sanctions committee expressed 'grave concern' Thursday about what it called apparent Iranian violations of a U.N. ban on arms exports.
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It should not escape notice that this is the first true title showdown, and first genuine title race, between the petrodollar clubs.
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Fluctuations of OPEC net oil export revenues since 1972, showing elevated inflation-adjusted levels during 1974–1981 and 2005–2014
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of the United States, European Union, Switzerland, and the United Kingdom. In fact, the process contributed to the growth of the
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and in other financial markets of the major industrial economies, often directed discreetly by government entities now known as
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In 2015, Japanese carmaker Toyota retained its long-held local market leadership..., over three times its nearest rival Nissan.
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He thinks the U.S. should give more study to ways in which the excess funds – he calls them petro dollars – can be soaked up.
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This was a dream come true for the family, which built its fortune... first in the oil-rich countries of the Persian Gulf.
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due to the rise in oil prices, notably including Italy and the United Kingdom as well as dozens of developing countries.
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This article is about the trade surpluses of oil-exporting nations. For a broader term with multiple meanings, see
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These images illustrate the diversity of major petrodollar recycling activities, in roughly chronological order:
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The money is there: the United Arab Emirates region is home to nearly 10 percent of all the world's oil reserve.
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These funds, which maintain passive investment positions, will perform a crucial petrodollar-recycling function.
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Most of its cost (pegged at about US$ 120 million today) was a gift from King Faisal of Saudi Arabia.
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famously described the shortage as: "Turkey is in need of 70 cents." As political journalist
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has relatively limited tangible benefit to the United States economy as well as some drawbacks.
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contributed to the bloc's collapse in 1989. During the 2005–2014 petrodollar surge, OPEC member
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also accumulating significant oil surpluses through 1978 before suffering the hardships of
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between Brazil and Paraguay, financed by loans from petrodollar bank deposits in the 1970s
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Inflation and interest rates surged with oil prices in the 1970s, but not in the 2000s.
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The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets
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increased by 150% between 1973 and 1977, complicated further by a worldwide shift to
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per year – including a wide range of transactions in a variety of currencies, some
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State–Business Alliances and Economic Development: Turkey, Mexico and North Africa
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Oil-exporting countries have used part of their petrodollar surpluses to fund
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cattle on collective farms and to put bread on the tables of Soviet citizens.
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during the 1974–1981 petrodollar surge, and the loss of income during the
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is the international spending or investment of a country's revenues from
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All the Shah's Men: An American Coup and the Roots of Middle East Terror
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for More Than $ 250 Million, Highest Price Ever for a Work of Art"
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websites, it appears that these events actually occurred in March 1974.
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as the standard means of settling oil transactions as a kind of
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Petrodollars: Tracking the Flow and Investment of Oil Windfalls
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Carrasco, Enrique; McClellan, Charles; Ro, Jane (April 2007).
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The term petrodollar was coined in the early 1970s during the
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refers to a theory that depicts the international use of the
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Large volumes of Arab petrodollars were invested directly in
2524:"Owners of Famed Chrysler Building Reach Deal to Sell Tower" 2164:"Soviet foreign policy from dĂ©tente to Gorbachev, 1975–1985" 676:, where the Japanese automaker holds a dominant market share 150:(IMF) estimated that the foreign debts of 100 oil-importing 83:. The phenomenon is most pronounced during periods when the 3652: 520:
department store in London, under Arab ownership since 1985
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The Cambridge History of the Cold War: Volume III, Endings
2261:"Mohammed Fayed sells Harrods store to Qatar Holdings" 784:. U.S. Energy Information Administration. May 15, 2017 1885:"Venezuelan shoppers flock across border to Colombia" 1332:
The E-Book on International Finance & Development
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for a record-setting price above US$ 250 million
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International Association of Oil & Gas Producers
1706:"Iranian General: Tehran Arming 'Liberation Armies'" 466:, constructed 1976–1986, a gift from Saudi Arabia's 5708: 5696: 5530: 5464: 5397: 5388: 5350: 5245: 5207: 4982: 4886: 4845: 4829: 4808: 4781: 4760: 4514: 4486: 4345: 4230: 4096: 3946: 3898: 3686: 3643: 3628: 3619: 3504: 3421: 3303: 3189: 3083: 3011: 2954: 2913: 2906: 2828: 1768:"US allies Saudi Arabia and Qatar are funding ISIS" 1523:. Natural Resource Governance Institute. March 2015 138:While petrodollar recycling reduced the short-term 58:"). It generally refers to the phenomenon of major 27:
International spending of petroleum export revenues
2305: 2166:. In Leffler, Melvyn P.; Westad, Odd Arne (eds.). 1830:"The Economics Behind the Fall of the Berlin Wall" 1766: 1470: 1399:"Petrodollars, emerging markets and vulnerability" 907: 572:, millions of which were purchased by Dubai-owned 536:, Russian-owned between 2003 and 2022 through the 412:, approximately $ 300 billion accumulated by 2439:"Oger Telecom signs $ 6.55 bln Turk Telekom deal" 2036:The KIA... is the largest shareholder in Daimler. 1737:. Oxford University Press. "Libya", pp. 207–208. 1090:The Economic Dimensions of Middle Eastern History 2170:. Cambridge University Press. pp. 109–110. 1357:: CS1 maint: bot: original URL status unknown ( 327:challenging the governments of other countries. 2498:"Abu Dhabi Buys 90% Stake in Chrysler Building" 1542:Aguilera, Roberto F.; Radetzki, Marian (2015). 1088:. In Esfandiari, Haleh; Udovitch, A.L. (eds.). 299:programs, as a prominent example of so-called " 1988:"Major Foreign Holders of Treasury Securities" 1548:. Cambridge University Press. pp. 87–89. 4960: 4316: 2788: 1946:"Debunking the Dumping-the-Dollar Conspiracy" 1734:The Role of Terrorism in 21st-Century Warfare 882:"Petrodollar Recycling and Global Imbalances" 836:"In the soup - Bob Woodward's plan of attack" 485:to ease food shortages in the 1970s and 1980s 8: 1339:. Archived from the original on June 6, 2011 2582:Harel, Amos; Stern, Yoav (August 4, 2006). 2050:"KIA/Daimler 40th Anniversary Celebrations" 1731:Weinberg, Leonard; Martin, Susanne (2016). 1327:"Foreign Debt: Forgiveness and Repudiation" 933: 931: 334:to support the struggling economies of the 5394: 4967: 4953: 4945: 4323: 4309: 4301: 3640: 3625: 2910: 2795: 2781: 2773: 2204:"Saudi AWACS Deal Passes $ 8 Billion" 1919:. Canada: New Society Publishers. p.  803:Myers, Amy; Elass, Jareer (January 2016). 1076: 1074: 1072: 1070: 776: 774: 772: 739: 737: 382:is sometimes used with the same meaning. 2048:Al Saleh, Anas K. (September 18, 2014). 1461:"Global disequilibrium remains unlikely" 971:Washington Report on Middle East Affairs 501:fighter jet, one of dozens owned by the 3715:China National Offshore Oil Corporation 2231:Feder, Barnaby J. (September 8, 1985). 1494:Bianchi, Stefania (February 22, 2016). 733: 481:Western grain, heavily imported by the 399: 313:OPEC Fund for International Development 5089:Measures of national income and output 3589:Unconventional (oil and gas) reservoir 3348:2020 Russia–Saudi Arabia oil price war 1997: 1765:Cockburn, Patrick (October 14, 2016). 1672:Davis, Mike (September–October 2006). 1350: 754: 749:U.S. Energy Information Administration 591:, whose control was privatized to the 2758:"Is the end of the petrodollar near?" 2742:U.S. Government Accountability Office 2437:Aydogdu, Hatice (November 15, 2005). 2019:Taylor, Edward (September 18, 2014). 1373:"Federal Reserve Economic Data graph" 7: 3720:China National Petroleum Corporation 2340:Delaney, Miguel (February 2, 2014). 1649:Mukherjee, Andy (February 4, 2016). 723:Saudi Arabia–United States relations 325:financial supporters of armed groups 2496:Bagli, Charles V. (July 10, 2008). 2467:Thomas, Landon Jr. (July 9, 2008). 880:Nsouli, Saleh M. (March 23, 2006). 247:, concluding that it was a form of 3780:National Iranian South Oil Company 3496:Western Canadian Sedimentary Basin 2614:Peers, Alexandra (February 2012). 2553:Lynch, Colum (December 11, 2009). 2534:from the original on June 13, 2024 2371:Corrales, Javier (December 2005). 2304:Critchley, Mark (April 12, 2015). 2283:"Russian businessman buys Chelsea" 1859:"Venezuela ends upbeat Cuba visit" 1857:Gibbs, Stephen (August 24, 2005). 1828:McMaken, Ryan (November 7, 2014). 834:Hertzberg, Hendrik (May 2, 2004). 321:foreign workers in the Middle East 169:From 1974 through 1981, the total 25: 4248:Intercontinental Exchange Futures 4137:Chicago Bridge & Iron Company 3790:Oil & Gas Development Company 2318:from the original on May 26, 2022 2202:Mohr, Charles (August 22, 1981). 1781:from the original on May 26, 2022 1377:Federal Reserve Bank of St. Louis 1155:Neu, Carl Richard (August 1977). 346:played a similar role supporting 319:sent home by tens of millions of 5761: 5760: 4607:Malaya and British Borneo dollar 4285: 4284: 2522:Morris, Keiko (March 10, 2019). 2411:Gaddy, James (January 5, 2017). 1883:Polanco, Anggy (July 17, 2016). 1469:. August 8, 2008. Archived from 1161:U.S. Congressional Budget Office 1092:. Darwin Press. pp. 179–199 967:"Personality: Ibrahim M. Oweiss" 809:Journal of International Affairs 702: 688: 662: 643: 634:to Lebanon and Syria, including 624: 604: 581: 561: 545: 525: 510: 490: 474: 455: 440: 421: 402: 277:oil price increases of 2003–2008 3795:Oil and Natural Gas Corporation 1992:U.S. Department of the Treasury 1944:Baker, Dean (October 7, 2009). 1576:Blas, Javier (April 13, 2015). 1397:Lubin, David (March 19, 2007). 857:Coll, Steve (August 10, 2014). 5722:Publications in macroeconomics 4263:Society of Petroleum Engineers 4034:Port Harcourt Refining Company 3700:Abu Dhabi National Oil Company 1621:Hubbard, Ben (June 21, 2015). 1009:Rowen, Hobart (July 9, 1973). 973:. December 26, 1983. p. 8 387:international reserve currency 1: 5702:Critique of political economy 4752:Zimbabwean dollar (2019–2024) 3209:Production sharing agreements 2650:"Kuwait Autos Report Q2 2016" 1220:Wong, Andrea (May 30, 2016). 1136:. International Monetary Fund 1114:. International Monetary Fund 1058:'petrodollar' in a July 1973 805:"War and the Oil Price Cycle" 696:Business and economics portal 5790:International macroeconomics 4567:Danish West Indian rigsdaler 4243:Canadian petroleum companies 4238:American Petroleum Institute 3775:National Iranian Oil Company 3760:Kuwait Petroleum Corporation 2756:Tran, Hung (June 20, 2024). 2656:. March 2016. Archived from 1435:"Recycling the Petrodollars" 1011:"Peterson Urges Cooperation" 617:Abu Dhabi Investment Council 330:High-priced oil allowed the 285:oil supply glut in 2014–2017 107:Especially during the years 4662:Prince Edward Island dollar 4532:British North Borneo dollar 4258:International Energy Agency 3243:Enhanced oil recovery (EOR) 2616:"Qatar Purchases CĂ©zanne's 2057:Kuwait Investment Authority 1086:"Economics of Petrodollars" 886:International Monetary Fund 653:, purchased in 2011 by the 428:German vehicle factory for 393:Gallery of notable examples 148:International Monetary Fund 5821: 5450:New neoclassical synthesis 5433:Real business-cycle theory 4597:Japanese occupation dollar 4537:British West Indies dollar 4468:Trinidad and Tobago dollar 3845:PTT Public Company Limited 3446:East Midlands Oil Province 3431:List of natural gas fields 3031:Integrated asset modelling 2685:Clark, William R. (2005). 2095:Brazil Is Not for Amateurs 1911:Clark, William R. (2005). 1651:"Oil's Plunge Spills Over" 782:"OPEC Revenues Fact Sheet" 745:"OPEC Revenues Fact Sheet" 595:organization in 2005 with 121:U.S. Secretary of Commerce 60:petroleum-exporting states 29: 5758: 4547:Confederate States dollar 4280: 4217:Weatherford International 3750:Iraq National Oil Company 2810: 2441:. Reuters. Archived from 2098:(English, 2nd ed.). 2004:: CS1 maint: unfit URL ( 1674:"Fear and Money in Dubai" 761:: CS1 maint: unfit URL ( 636:over 300 tons intercepted 5455:Saltwater and freshwater 4562:Danish West Indian daler 4398:Eastern Caribbean dollar 2708:Smolyar, Leonid (2006). 1190:Cornell University Press 1182:Spiro, David E. (1999). 1134:"Recycling Petrodollars" 906:Kinzer, Stephen (2008). 632:Iranian weapon shipments 554:Venezuelan health system 410:U.S. Treasury securities 206:U.S. Treasury securities 5379:International economics 5304:Overlapping generations 4821:Project Entropia Dollar 4773:Pitcairn Islands dollar 4527:British Columbia dollar 4268:World Petroleum Council 4142:China Oilfield Services 3199:Petroleum fiscal regime 2898:Western Canadian Select 2893:West Texas Intermediate 2717:(B.Sc. Honors thesis). 2528:The Wall Street Journal 2380:Inter-American Dialogue 1951:Foreign Policy Magazine 939:"Petrodollar Profusion" 275:Thanks to the historic 156:floating exchange rates 5749:Mathematical economics 5483:Modern monetary theory 5236:Universal basic income 4453:Solomon Islands dollar 3745:Indian Oil Corporation 3231:Submersible pump (ESP) 3176:Underbalanced drilling 2997:of gasoline and diesel 2691:New Society Publishers 268: 210:sovereign wealth funds 87:is historically high. 44: 5795:International finance 5577:Wesley Clair Mitchell 5552:Thomas Robert Malthus 5374:Development economics 4934:Zimbabwean bond notes 4929:Zimbabwean bond coins 4801:(Geary–Khamis dollar) 4697:Sierra Leonean dollar 4647:Norwegian speciedaler 4582:Greenlandic rigsdaler 4388:Cayman Islands dollar 4122:Cameron International 3564:Petrodollar recycling 3547:fossil fuel phase-out 3110:Differential sticking 3063:Reflection seismology 3036:Petroleum engineering 2878:OPEC Reference Basket 1974:Brookings Institution 1290:Secrets of the Temple 1112:"Petrodollar Problem" 655:Royal Family of Qatar 589:Turkish Telecom Corp. 534:Chelsea Football Club 503:Royal Saudi Air Force 352:other regional allies 266: 255:was the only escape. 48:Petrodollar recycling 42: 5299:Ramsey–Cass–Koopmans 5138:Liquidity preference 4799:International dollar 4687:Saint Vincent dollar 4632:New Brunswick dollar 4478:United States dollar 4019:Occidental Petroleum 3333:1990 oil price shock 3159:Shale oil extraction 3132:Drilling engineering 3115:Directional drilling 3041:Reservoir simulation 2389:on November 29, 2016 2135:"Shah Faisal Mosque" 2090:Castor, Belmiro V.J. 1805:"Russian Footprints" 1518:"The Resource Curse" 1295:Simon & Schuster 1044:(February 1, 2012). 372:economic imperialism 368:United States dollar 152:developing countries 5800:Petroleum economics 5717:Macroeconomic model 5582:John Maynard Keynes 5364:Economic statistics 5309:General equilibrium 4858:Canadian Tire money 4667:Puerto Rican dollar 4652:Nova Scotian dollar 4642:Norwegian rigsdaler 4637:Newfoundland dollar 4542:Ceylonese rixdollar 4393:Cook Islands dollar 4167:Naftiran Intertrade 4112:Amec Foster Wheeler 4039:Reliance Industries 3928:Naftiran Intertrade 3740:Hindustan Petroleum 3338:2000s energy crisis 2719:New York University 2687:Petrodollar Warfare 2660:on January 16, 2017 2559:The Washington Post 2445:on February 2, 2017 2285:. BBC. July 2, 2003 2160:Zubok, Vyadislav M. 2066:on January 18, 2017 1968:(January 7, 2016). 1915:Petrodollar Warfare 1817:on January 9, 2015. 1803:(August 24, 2006). 1475:on December 3, 2022 1441:. November 10, 2005 1246:Özel, IĆŸÄ±k (2014). 1016:The Washington Post 615:, 90% owned by the 570:premium French wine 364:petrodollar warfare 358:Petrodollar warfare 301:checkbook diplomacy 5805:Petroleum politics 5657:Edward C. Prescott 5369:Monetary economics 4873:Salt Spring dollar 4737:Trinidadian dollar 4682:Saint Lucia dollar 4677:Saint Kitts dollar 4577:Dutch rijksdaalder 4552:Continental dollar 4438:New Zealand dollar 4014:Marathon Petroleum 3436:List of oil fields 3046:Reservoir modeling 2804:Petroleum industry 2728:on April 25, 2012. 2502:The New York Times 2473:The New York Times 2263:. BBC. May 8, 2010 2237:The New York Times 2208:The New York Times 1712:. October 27, 2008 1628:The New York Times 1466:The New York Times 1337:University of Iowa 1192:. pp. 74–75. 1082:Oweiss, Ibrahim M. 986:The New York Times 269: 81:petroleum politics 45: 5772: 5771: 5744:Political economy 5687:N. Gregory Mankiw 5677:Thomas J. Sargent 5526: 5525: 5517:Market monetarism 5321:Endogenous growth 5150:National accounts 4942: 4941: 4747:Zimbabwean dollar 4742:Tobagonian dollar 4727:Old Taiwan dollar 4722:Swedish riksdaler 4602:Kiautschou dollar 4506:Malaysian ringgit 4463:New Taiwan dollar 4458:Surinamese dollar 4353:Australian dollar 4298: 4297: 4276: 4275: 4162:Nabors Industries 4092: 4091: 3290:Well intervention 3265:Petroleum product 3164:Ljungström method 3068:Seismic inversion 3053:Petroleum geology 3007: 3006: 2700:978-0-86571-514-1 2347:The Sunday Mirror 1930:978-0-86571-514-1 1801:Pacepa, Ion Mihai 1304:978-0-671-47989-3 1263:978-1-317-81782-6 991:According to the 815:on April 10, 2019 619:from 2008 to 2019 613:Chrysler Building 241:accumulated debts 128:industrialization 124:Peter G. Peterson 16:(Redirected from 5812: 5764: 5763: 5667:William Nordhaus 5652:Robert Lucas Jr. 5542:François Quesnay 5395: 5162:Nominal rigidity 5133:Demand for money 5111:Microfoundations 5047:Financial crisis 5027:Effective demand 4997:Aggregate supply 4992:Aggregate demand 4969: 4962: 4955: 4946: 4672:Rhodesian dollar 4622:Mongolian dollar 4617:Mauritian dollar 4587:Grenadian dollar 4572:Dominican dollar 4557:Danish rigsdaler 4448:Singapore dollar 4413:Hong Kong dollar 4373:Bermudian dollar 4363:Barbadian dollar 4325: 4318: 4311: 4302: 4288: 4287: 3989:Hess Corporation 3710:Bharat Petroleum 3641: 3626: 3313:1967 Oil Embargo 3149:Lost circulation 2987:Posted oil price 2911: 2868:Isthmus-34 Light 2797: 2790: 2783: 2774: 2769: 2766:Atlantic Council 2752: 2750: 2748: 2734:Staats, Elmer B. 2729: 2727: 2721:. Archived from 2716: 2704: 2673: 2672: 2667: 2665: 2646: 2640: 2639: 2634: 2632: 2618:The Card Players 2611: 2605: 2604: 2598: 2596: 2579: 2573: 2572: 2567: 2565: 2550: 2544: 2543: 2541: 2539: 2519: 2513: 2512: 2510: 2508: 2493: 2487: 2486: 2481: 2479: 2464: 2458: 2457: 2452: 2450: 2434: 2428: 2427: 2422: 2420: 2415:. Bloomberg News 2408: 2402: 2401: 2396: 2394: 2388: 2382:. Archived from 2377: 2368: 2362: 2361: 2356: 2354: 2337: 2331: 2330: 2325: 2323: 2309: 2301: 2295: 2294: 2292: 2290: 2279: 2273: 2272: 2270: 2268: 2257: 2251: 2250: 2245: 2243: 2228: 2222: 2221: 2216: 2214: 2199: 2193: 2192: 2186: 2184: 2177:978-1-31602563-5 2156: 2150: 2149: 2144: 2142: 2131: 2125: 2124: 2118: 2116: 2109:978-1-46910432-4 2086: 2080: 2079: 2073: 2071: 2065: 2059:. Archived from 2054: 2045: 2039: 2038: 2033: 2031: 2016: 2010: 2009: 2003: 1995: 1984: 1978: 1977: 1962: 1956: 1955: 1941: 1935: 1934: 1918: 1908: 1902: 1901: 1899: 1897: 1880: 1874: 1873: 1871: 1869: 1854: 1848: 1847: 1842: 1840: 1825: 1819: 1818: 1813:. Archived from 1797: 1791: 1790: 1788: 1786: 1770: 1762: 1756: 1755: 1753: 1751: 1744:978-1-78499764-9 1728: 1722: 1721: 1719: 1717: 1710:Associated Press 1702: 1696: 1695: 1689: 1687: 1669: 1663: 1662: 1660: 1658: 1653:. Bloomberg News 1646: 1640: 1639: 1637: 1635: 1618: 1612: 1611: 1609: 1607: 1596: 1590: 1589: 1587: 1585: 1580:. Bloomberg News 1573: 1567: 1566: 1564: 1562: 1555:978-1-31643242-6 1545:The Price of Oil 1539: 1533: 1532: 1530: 1528: 1522: 1514: 1508: 1507: 1505: 1503: 1498:. Bloomberg News 1491: 1485: 1484: 1482: 1480: 1474: 1457: 1451: 1450: 1448: 1446: 1431: 1425: 1424: 1422: 1420: 1415:on March 5, 2016 1414: 1408:. Archived from 1403: 1394: 1388: 1387: 1385: 1383: 1369: 1363: 1362: 1356: 1348: 1346: 1344: 1322: 1316: 1315: 1313: 1311: 1285:Greider, William 1281: 1275: 1274: 1272: 1270: 1243: 1237: 1236: 1234: 1232: 1217: 1211: 1210: 1208: 1206: 1179: 1173: 1172: 1170: 1168: 1163:. pp. 27–29 1152: 1146: 1145: 1143: 1141: 1130: 1124: 1123: 1121: 1119: 1108: 1102: 1101: 1099: 1097: 1078: 1065: 1064: 1054: 1052: 1038: 1032: 1031: 1026: 1024: 1006: 1000: 990: 980: 978: 963: 957: 956: 954: 952: 947:. April 28, 2012 935: 926: 925: 913: 903: 897: 896: 894: 892: 877: 871: 870: 868: 866: 854: 848: 847: 845: 843: 831: 825: 824: 822: 820: 811:. Archived from 800: 794: 793: 791: 789: 778: 767: 766: 760: 752: 741: 712: 707: 706: 698: 693: 692: 666: 651:CĂ©zanne painting 647: 628: 608: 585: 574:Emirates airline 565: 549: 529: 514: 494: 478: 459: 444: 425: 416:during 1960–2015 414:OPEC governments 406: 232:Suleyman Demirel 214:commercial banks 164:balance of trade 21: 5820: 5819: 5815: 5814: 5813: 5811: 5810: 5809: 5775: 5774: 5773: 5768: 5754: 5753: 5752: 5704: 5692: 5691: 5690: 5672:Joseph Stiglitz 5632:Milton Friedman 5612:Friedrich Hayek 5533:macroeconomists 5522: 5521: 5520: 5460: 5459: 5458: 5384: 5383: 5382: 5346: 5345: 5344: 5331:Mundell–Fleming 5326:Matching theory 5264:Keynesian cross 5241: 5240: 5239: 5203: 5202: 5201: 4978: 4973: 4943: 4938: 4882: 4841: 4825: 4804: 4777: 4756: 4717:Sumatran dollar 4702:Slovenian tolar 4627:Nevisian dollar 4592:Hawaiian dollar 4510: 4488: 4482: 4473:Tuvaluan dollar 4433:Namibian dollar 4428:Liberian dollar 4423:Kiribati dollar 4418:Jamaican dollar 4408:Guyanese dollar 4383:Canadian dollar 4358:Bahamian dollar 4341: 4329: 4299: 4294: 4272: 4226: 4222:John Wood Group 4212:Valaris Limited 4105: 4102: 4099: 4088: 3954:APA Corporation 3942: 3894: 3693: 3690: 3682: 3637: 3634: 3631: 3621: 3615: 3516:Classification 3500: 3423: 3417: 3353:Nationalization 3323:1979 oil crisis 3318:1973 oil crisis 3299: 3285:Water injection 3253:Steam injection 3248:Gas reinjection 3216:Artificial lift 3185: 3127:Drill stem test 3079: 3003: 2950: 2902: 2824: 2806: 2801: 2755: 2746: 2744: 2732: 2725: 2714: 2707: 2701: 2684: 2681: 2679:Further reading 2676: 2663: 2661: 2648: 2647: 2643: 2630: 2628: 2613: 2612: 2608: 2594: 2592: 2581: 2580: 2576: 2563: 2561: 2552: 2551: 2547: 2537: 2535: 2521: 2520: 2516: 2506: 2504: 2495: 2494: 2490: 2477: 2475: 2466: 2465: 2461: 2448: 2446: 2436: 2435: 2431: 2418: 2416: 2410: 2409: 2405: 2392: 2390: 2386: 2375: 2370: 2369: 2365: 2352: 2350: 2339: 2338: 2334: 2321: 2319: 2312:The Independent 2303: 2302: 2298: 2288: 2286: 2281: 2280: 2276: 2266: 2264: 2259: 2258: 2254: 2241: 2239: 2230: 2229: 2225: 2212: 2210: 2201: 2200: 2196: 2182: 2180: 2178: 2158: 2157: 2153: 2140: 2138: 2137:. Lonely Planet 2133: 2132: 2128: 2114: 2112: 2110: 2102:. p. 202. 2088: 2087: 2083: 2077:7 billion. 2069: 2067: 2063: 2052: 2047: 2046: 2042: 2029: 2027: 2018: 2017: 2013: 1996: 1986: 1985: 1981: 1964: 1963: 1959: 1943: 1942: 1938: 1931: 1910: 1909: 1905: 1895: 1893: 1882: 1881: 1877: 1867: 1865: 1856: 1855: 1851: 1838: 1836: 1834:Mises Institute 1827: 1826: 1822: 1810:National Review 1799: 1798: 1794: 1784: 1782: 1774:The Independent 1764: 1763: 1759: 1749: 1747: 1745: 1730: 1729: 1725: 1715: 1713: 1704: 1703: 1699: 1685: 1683: 1679:New Left Review 1671: 1670: 1666: 1656: 1654: 1648: 1647: 1643: 1633: 1631: 1620: 1619: 1615: 1605: 1603: 1598: 1597: 1593: 1583: 1581: 1575: 1574: 1570: 1560: 1558: 1556: 1541: 1540: 1536: 1526: 1524: 1520: 1516: 1515: 1511: 1501: 1499: 1493: 1492: 1488: 1478: 1476: 1459: 1458: 1454: 1444: 1442: 1433: 1432: 1428: 1418: 1416: 1412: 1401: 1396: 1395: 1391: 1381: 1379: 1371: 1370: 1366: 1349: 1342: 1340: 1324: 1323: 1319: 1309: 1307: 1305: 1297:. p. 340. 1283: 1282: 1278: 1268: 1266: 1264: 1245: 1244: 1240: 1230: 1228: 1219: 1218: 1214: 1204: 1202: 1200: 1181: 1180: 1176: 1166: 1164: 1154: 1153: 1149: 1139: 1137: 1132: 1131: 1127: 1117: 1115: 1110: 1109: 1105: 1095: 1093: 1080: 1079: 1068: 1060:Washington Post 1050: 1048: 1040: 1039: 1035: 1022: 1020: 1008: 1007: 1003: 976: 974: 965: 964: 960: 950: 948: 937: 936: 929: 922: 905: 904: 900: 890: 888: 879: 878: 874: 864: 862: 859:"Oil and erbil" 856: 855: 851: 841: 839: 833: 832: 828: 818: 816: 802: 801: 797: 787: 785: 780: 779: 770: 753: 743: 742: 735: 731: 718:Dedollarisation 708: 701: 694: 687: 684: 677: 667: 658: 648: 639: 629: 620: 609: 600: 586: 577: 566: 557: 550: 541: 530: 521: 515: 506: 497:American-built 495: 486: 479: 470: 460: 451: 445: 436: 426: 417: 407: 395: 360: 336:Soviet-led bloc 293: 261: 259:2005–2014 surge 245:unpayably large 236:William Greider 171:current account 160:Johan Witteveen 144:1973 oil crisis 136: 134:1974–1981 surge 105: 100: 35: 28: 23: 22: 15: 12: 11: 5: 5818: 5816: 5808: 5807: 5802: 5797: 5792: 5787: 5777: 5776: 5770: 5769: 5759: 5756: 5755: 5751: 5746: 5741: 5739:Microeconomics 5736: 5735: 5734: 5724: 5719: 5714: 5713: 5712: 5710: 5706: 5705: 5700: 5698: 5694: 5693: 5689: 5684: 5679: 5674: 5669: 5664: 5659: 5654: 5649: 5644: 5642:Lawrence Klein 5639: 5637:Paul Samuelson 5634: 5629: 5624: 5619: 5614: 5609: 5604: 5599: 5594: 5592:MichaƂ Kalecki 5589: 5584: 5579: 5574: 5569: 5564: 5559: 5554: 5549: 5544: 5539: 5538: 5537: 5535: 5528: 5527: 5524: 5523: 5519: 5514: 5509: 5507:Disequilibrium 5504: 5503: 5502: 5495:Post-Keynesian 5492: 5487: 5486: 5485: 5475: 5470: 5469: 5468: 5466: 5462: 5461: 5457: 5452: 5447: 5442: 5437: 5436: 5435: 5425: 5420: 5419: 5418: 5413: 5403: 5402: 5401: 5399: 5392: 5386: 5385: 5381: 5376: 5371: 5366: 5361: 5356: 5355: 5354: 5352: 5351:Related fields 5348: 5347: 5343: 5338: 5333: 5328: 5323: 5318: 5317: 5316: 5306: 5301: 5296: 5291: 5286: 5281: 5279:Phillips curve 5276: 5271: 5266: 5261: 5256: 5251: 5250: 5249: 5247: 5243: 5242: 5238: 5233: 5228: 5223: 5218: 5213: 5212: 5211: 5209: 5205: 5204: 5200: 5199: 5194: 5189: 5184: 5179: 5174: 5169: 5164: 5159: 5158: 5157: 5147: 5142: 5141: 5140: 5130: 5128:Money creation 5125: 5124: 5123: 5113: 5108: 5107: 5106: 5101: 5096: 5086: 5084:Liquidity trap 5081: 5076: 5071: 5070: 5069: 5064: 5054: 5049: 5044: 5043: 5042: 5037: 5029: 5024: 5019: 5014: 5009: 5004: 5002:Business cycle 4999: 4994: 4988: 4987: 4986: 4984: 4983:Basic concepts 4980: 4979: 4976:Macroeconomics 4974: 4972: 4971: 4964: 4957: 4949: 4940: 4939: 4937: 4936: 4931: 4926: 4921: 4916: 4911: 4906: 4904:Quarter dollar 4901: 4896: 4890: 4888: 4884: 4883: 4881: 4880: 4878:Toronto dollar 4875: 4870: 4868:Liberty dollar 4865: 4863:Disney Dollars 4860: 4855: 4853:Calgary dollar 4849: 4847: 4843: 4842: 4840: 4839: 4833: 4831: 4827: 4826: 4824: 4823: 4818: 4812: 4810: 4806: 4805: 4803: 4802: 4796: 4791: 4785: 4783: 4779: 4778: 4776: 4775: 4770: 4764: 4762: 4761:Noncirculating 4758: 4757: 4755: 4754: 4749: 4744: 4739: 4734: 4729: 4724: 4719: 4714: 4712:Straits dollar 4709: 4707:Spanish dollar 4704: 4699: 4694: 4692:Sarawak dollar 4689: 4684: 4679: 4674: 4669: 4664: 4659: 4654: 4649: 4644: 4639: 4634: 4629: 4624: 4619: 4614: 4612:Malayan dollar 4609: 4604: 4599: 4594: 4589: 4584: 4579: 4574: 4569: 4564: 4559: 4554: 4549: 4544: 4539: 4534: 4529: 4524: 4522:Antigua dollar 4518: 4516: 4512: 4511: 4509: 4508: 4503: 4501:Ethiopian birr 4498: 4492: 4490: 4484: 4483: 4481: 4480: 4475: 4470: 4465: 4460: 4455: 4450: 4445: 4440: 4435: 4430: 4425: 4420: 4415: 4410: 4405: 4400: 4395: 4390: 4385: 4380: 4375: 4370: 4365: 4360: 4355: 4349: 4347: 4343: 4342: 4330: 4328: 4327: 4320: 4313: 4305: 4296: 4295: 4293: 4292: 4281: 4278: 4277: 4274: 4273: 4271: 4270: 4265: 4260: 4255: 4250: 4245: 4240: 4234: 4232: 4228: 4227: 4225: 4224: 4219: 4214: 4209: 4204: 4199: 4194: 4189: 4184: 4179: 4174: 4169: 4164: 4159: 4154: 4149: 4144: 4139: 4134: 4129: 4124: 4119: 4114: 4108: 4106: 4097: 4094: 4093: 4090: 4089: 4087: 4086: 4081: 4076: 4071: 4066: 4061: 4059:Surgutneftegas 4056: 4051: 4046: 4041: 4036: 4031: 4026: 4021: 4016: 4011: 4006: 4001: 3996: 3991: 3986: 3981: 3979:Eneos Holdings 3976: 3971: 3969:ConocoPhillips 3966: 3961: 3959:Cenovus Energy 3956: 3950: 3948: 3944: 3943: 3941: 3940: 3935: 3930: 3925: 3920: 3915: 3910: 3904: 3902: 3900:Energy trading 3896: 3895: 3893: 3892: 3887: 3882: 3877: 3872: 3867: 3862: 3857: 3852: 3847: 3842: 3837: 3832: 3827: 3822: 3817: 3812: 3807: 3802: 3797: 3792: 3787: 3782: 3777: 3772: 3767: 3762: 3757: 3752: 3747: 3742: 3737: 3732: 3727: 3722: 3717: 3712: 3707: 3702: 3696: 3694: 3687: 3684: 3683: 3681: 3680: 3675: 3670: 3665: 3660: 3655: 3649: 3647: 3638: 3629: 3623: 3617: 3616: 3614: 3613: 3612: 3611: 3606: 3601: 3596: 3586: 3584:Swing producer 3581: 3576: 3571: 3566: 3561: 3556: 3555: 3554: 3549: 3539: 3534: 3529: 3528: 3527: 3522: 3514: 3508: 3506: 3502: 3501: 3499: 3498: 3493: 3488: 3483: 3478: 3473: 3468: 3463: 3458: 3456:Gulf of Mexico 3453: 3448: 3443: 3438: 3433: 3427: 3425: 3419: 3418: 3416: 3415: 3410: 3405: 3400: 3395: 3390: 3385: 3380: 3375: 3370: 3365: 3360: 3355: 3350: 3345: 3343:2010s oil glut 3340: 3335: 3330: 3328:1980s oil glut 3325: 3320: 3315: 3309: 3307: 3301: 3300: 3298: 3297: 3292: 3287: 3282: 3277: 3272: 3267: 3262: 3257: 3256: 3255: 3250: 3240: 3235: 3234: 3233: 3228: 3223: 3213: 3212: 3211: 3206: 3195: 3193: 3187: 3186: 3184: 3183: 3178: 3173: 3168: 3167: 3166: 3156: 3151: 3146: 3145: 3144: 3137:Drilling fluid 3134: 3129: 3124: 3123: 3122: 3112: 3107: 3106: 3105: 3095: 3089: 3087: 3081: 3080: 3078: 3077: 3075:Seismic source 3072: 3071: 3070: 3060: 3055: 3050: 3049: 3048: 3043: 3033: 3028: 3023: 3017: 3015: 3009: 3008: 3005: 3004: 3002: 3001: 3000: 2999: 2989: 2984: 2979: 2974: 2969: 2964: 2958: 2956: 2952: 2951: 2949: 2948: 2943: 2938: 2933: 2928: 2923: 2917: 2915: 2908: 2904: 2903: 2901: 2900: 2895: 2890: 2885: 2880: 2875: 2873:Japan Cocktail 2870: 2865: 2860: 2855: 2850: 2845: 2840: 2834: 2832: 2826: 2825: 2823: 2822: 2820:Primary energy 2817: 2811: 2808: 2807: 2802: 2800: 2799: 2792: 2785: 2777: 2771: 2770: 2753: 2730: 2705: 2699: 2680: 2677: 2675: 2674: 2641: 2606: 2574: 2545: 2514: 2488: 2459: 2429: 2403: 2363: 2332: 2296: 2274: 2252: 2223: 2194: 2176: 2151: 2126: 2108: 2081: 2040: 2011: 1979: 1957: 1936: 1929: 1903: 1875: 1849: 1820: 1792: 1757: 1743: 1723: 1697: 1664: 1641: 1613: 1591: 1568: 1554: 1534: 1509: 1486: 1452: 1426: 1389: 1364: 1317: 1303: 1276: 1262: 1256:. p. 34. 1238: 1226:Bloomberg News 1212: 1198: 1174: 1147: 1125: 1103: 1066: 1033: 1001: 958: 927: 921:978-0470185490 920: 898: 872: 849: 826: 795: 768: 732: 730: 727: 726: 725: 720: 714: 713: 699: 683: 680: 679: 678: 668: 661: 659: 649: 642: 640: 630: 623: 621: 610: 603: 601: 587: 580: 578: 567: 560: 558: 551: 544: 542: 531: 524: 522: 516: 509: 507: 496: 489: 487: 480: 473: 471: 461: 454: 452: 446: 439: 437: 427: 420: 418: 408: 401: 394: 391: 359: 356: 340:1980s oil glut 292: 289: 281:resource curse 260: 257: 249:neocolonialism 175:Arab countries 142:impact of the 135: 132: 119:and to former 117:Ibrahim Oweiss 104: 101: 99: 96: 77:global finance 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 5817: 5806: 5803: 5801: 5798: 5796: 5793: 5791: 5788: 5786: 5783: 5782: 5780: 5767: 5757: 5750: 5747: 5745: 5742: 5740: 5737: 5733: 5730: 5729: 5728: 5725: 5723: 5720: 5718: 5715: 5711: 5707: 5703: 5699: 5695: 5688: 5685: 5683: 5680: 5678: 5675: 5673: 5670: 5668: 5665: 5663: 5662:Peter Diamond 5660: 5658: 5655: 5653: 5650: 5648: 5647:Edmund Phelps 5645: 5643: 5640: 5638: 5635: 5633: 5630: 5628: 5625: 5623: 5622:Richard Stone 5620: 5618: 5615: 5613: 5610: 5608: 5607:Joan Robinson 5605: 5603: 5602:Simon Kuznets 5600: 5598: 5597:Gunnar Myrdal 5595: 5593: 5590: 5588: 5585: 5583: 5580: 5578: 5575: 5573: 5572:Irving Fisher 5570: 5568: 5567:Knut Wicksell 5565: 5563: 5560: 5558: 5555: 5553: 5550: 5548: 5545: 5543: 5540: 5536: 5534: 5529: 5518: 5515: 5513: 5510: 5508: 5505: 5501: 5498: 5497: 5496: 5493: 5491: 5488: 5484: 5481: 5480: 5479: 5476: 5474: 5471: 5467: 5463: 5456: 5453: 5451: 5448: 5446: 5443: 5441: 5438: 5434: 5431: 5430: 5429: 5428:New classical 5426: 5424: 5421: 5417: 5414: 5412: 5409: 5408: 5407: 5404: 5400: 5396: 5393: 5391: 5387: 5380: 5377: 5375: 5372: 5370: 5367: 5365: 5362: 5360: 5357: 5353: 5349: 5342: 5339: 5337: 5334: 5332: 5329: 5327: 5324: 5322: 5319: 5315: 5312: 5311: 5310: 5307: 5305: 5302: 5300: 5297: 5295: 5292: 5290: 5287: 5285: 5282: 5280: 5277: 5275: 5272: 5270: 5267: 5265: 5262: 5260: 5257: 5255: 5252: 5248: 5244: 5237: 5234: 5232: 5229: 5227: 5224: 5222: 5219: 5217: 5214: 5210: 5206: 5198: 5195: 5193: 5190: 5188: 5185: 5183: 5180: 5178: 5177:Shrinkflation 5175: 5173: 5170: 5168: 5165: 5163: 5160: 5156: 5153: 5152: 5151: 5148: 5146: 5143: 5139: 5136: 5135: 5134: 5131: 5129: 5126: 5122: 5119: 5118: 5117: 5114: 5112: 5109: 5105: 5102: 5100: 5097: 5095: 5092: 5091: 5090: 5087: 5085: 5082: 5080: 5077: 5075: 5074:Interest rate 5072: 5068: 5065: 5063: 5060: 5059: 5058: 5055: 5053: 5050: 5048: 5045: 5041: 5038: 5036: 5033: 5032: 5031:Expectations 5030: 5028: 5025: 5023: 5020: 5018: 5015: 5013: 5010: 5008: 5005: 5003: 5000: 4998: 4995: 4993: 4990: 4989: 4985: 4981: 4977: 4970: 4965: 4963: 4958: 4956: 4951: 4950: 4947: 4935: 4932: 4930: 4927: 4925: 4922: 4920: 4917: 4915: 4912: 4910: 4907: 4905: 4902: 4900: 4897: 4895: 4892: 4891: 4889: 4887:See also 4885: 4879: 4876: 4874: 4871: 4869: 4866: 4864: 4861: 4859: 4856: 4854: 4851: 4850: 4848: 4844: 4838: 4835: 4834: 4832: 4828: 4822: 4819: 4817: 4816:Linden dollar 4814: 4813: 4811: 4807: 4800: 4797: 4795: 4792: 4790: 4787: 4786: 4784: 4780: 4774: 4771: 4769: 4766: 4765: 4763: 4759: 4753: 4750: 4748: 4745: 4743: 4740: 4738: 4735: 4733: 4730: 4728: 4725: 4723: 4720: 4718: 4715: 4713: 4710: 4708: 4705: 4703: 4700: 4698: 4695: 4693: 4690: 4688: 4685: 4683: 4680: 4678: 4675: 4673: 4670: 4668: 4665: 4663: 4660: 4658: 4657:Penang dollar 4655: 4653: 4650: 4648: 4645: 4643: 4640: 4638: 4635: 4633: 4630: 4628: 4625: 4623: 4620: 4618: 4615: 4613: 4610: 4608: 4605: 4603: 4600: 4598: 4595: 4593: 4590: 4588: 4585: 4583: 4580: 4578: 4575: 4573: 4570: 4568: 4565: 4563: 4560: 4558: 4555: 4553: 4550: 4548: 4545: 4543: 4540: 4538: 4535: 4533: 4530: 4528: 4525: 4523: 4520: 4519: 4517: 4513: 4507: 4504: 4502: 4499: 4497: 4494: 4493: 4491: 4485: 4479: 4476: 4474: 4471: 4469: 4466: 4464: 4461: 4459: 4456: 4454: 4451: 4449: 4446: 4444: 4441: 4439: 4436: 4434: 4431: 4429: 4426: 4424: 4421: 4419: 4416: 4414: 4411: 4409: 4406: 4404: 4403:Fijian dollar 4401: 4399: 4396: 4394: 4391: 4389: 4386: 4384: 4381: 4379: 4378:Brunei dollar 4376: 4374: 4371: 4369: 4368:Belize dollar 4366: 4364: 4361: 4359: 4356: 4354: 4351: 4350: 4348: 4344: 4339: 4338: 4333: 4326: 4321: 4319: 4314: 4312: 4307: 4306: 4303: 4291: 4283: 4282: 4279: 4269: 4266: 4264: 4261: 4259: 4256: 4254: 4251: 4249: 4246: 4244: 4241: 4239: 4236: 4235: 4233: 4229: 4223: 4220: 4218: 4215: 4213: 4210: 4208: 4205: 4203: 4200: 4198: 4195: 4193: 4190: 4188: 4185: 4183: 4180: 4178: 4175: 4173: 4170: 4168: 4165: 4163: 4160: 4158: 4155: 4153: 4150: 4148: 4145: 4143: 4140: 4138: 4135: 4133: 4130: 4128: 4125: 4123: 4120: 4118: 4115: 4113: 4110: 4109: 4107: 4104: 4095: 4085: 4084:Valero Energy 4082: 4080: 4077: 4075: 4072: 4070: 4067: 4065: 4062: 4060: 4057: 4055: 4052: 4050: 4049:Suncor Energy 4047: 4045: 4042: 4040: 4037: 4035: 4032: 4030: 4027: 4025: 4022: 4020: 4017: 4015: 4012: 4010: 4007: 4005: 4002: 4000: 3997: 3995: 3992: 3990: 3987: 3985: 3982: 3980: 3977: 3975: 3972: 3970: 3967: 3965: 3962: 3960: 3957: 3955: 3952: 3951: 3949: 3945: 3939: 3936: 3934: 3931: 3929: 3926: 3924: 3921: 3919: 3916: 3914: 3911: 3909: 3906: 3905: 3903: 3901: 3897: 3891: 3888: 3886: 3883: 3881: 3878: 3876: 3873: 3871: 3868: 3866: 3863: 3861: 3858: 3856: 3853: 3851: 3848: 3846: 3843: 3841: 3838: 3836: 3833: 3831: 3828: 3826: 3823: 3821: 3818: 3816: 3813: 3811: 3808: 3806: 3803: 3801: 3798: 3796: 3793: 3791: 3788: 3786: 3783: 3781: 3778: 3776: 3773: 3771: 3768: 3766: 3763: 3761: 3758: 3756: 3753: 3751: 3748: 3746: 3743: 3741: 3738: 3736: 3733: 3731: 3728: 3726: 3723: 3721: 3718: 3716: 3713: 3711: 3708: 3706: 3703: 3701: 3698: 3697: 3695: 3692: 3685: 3679: 3678:TotalEnergies 3676: 3674: 3671: 3669: 3666: 3664: 3661: 3659: 3656: 3654: 3651: 3650: 3648: 3646: 3642: 3639: 3636: 3627: 3624: 3622:organisations 3620:Companies and 3618: 3610: 3607: 3605: 3602: 3600: 3597: 3595: 3592: 3591: 3590: 3587: 3585: 3582: 3580: 3577: 3575: 3572: 3570: 3567: 3565: 3562: 3560: 3559:Petrocurrency 3557: 3553: 3550: 3548: 3545: 3544: 3543: 3540: 3538: 3535: 3533: 3532:Oil shale gas 3530: 3526: 3523: 3521: 3518: 3517: 3515: 3513: 3512:Abbreviations 3510: 3509: 3507: 3503: 3497: 3494: 3492: 3489: 3487: 3484: 3482: 3479: 3477: 3474: 3472: 3471:Permian Basin 3469: 3467: 3464: 3462: 3459: 3457: 3454: 3452: 3449: 3447: 3444: 3442: 3439: 3437: 3434: 3432: 3429: 3428: 3426: 3420: 3414: 3411: 3409: 3408:United States 3406: 3404: 3401: 3399: 3396: 3394: 3391: 3389: 3386: 3384: 3381: 3379: 3376: 3374: 3371: 3369: 3368:Seven Sisters 3366: 3364: 3361: 3359: 3356: 3354: 3351: 3349: 3346: 3344: 3341: 3339: 3336: 3334: 3331: 3329: 3326: 3324: 3321: 3319: 3316: 3314: 3311: 3310: 3308: 3306: 3302: 3296: 3293: 3291: 3288: 3286: 3283: 3281: 3278: 3276: 3273: 3271: 3268: 3266: 3263: 3261: 3258: 3254: 3251: 3249: 3246: 3245: 3244: 3241: 3239: 3236: 3232: 3229: 3227: 3224: 3222: 3219: 3218: 3217: 3214: 3210: 3207: 3205: 3202: 3201: 3200: 3197: 3196: 3194: 3192: 3188: 3182: 3179: 3177: 3174: 3172: 3169: 3165: 3162: 3161: 3160: 3157: 3155: 3152: 3150: 3147: 3143: 3140: 3139: 3138: 3135: 3133: 3130: 3128: 3125: 3121: 3118: 3117: 3116: 3113: 3111: 3108: 3104: 3101: 3100: 3099: 3096: 3094: 3091: 3090: 3088: 3086: 3082: 3076: 3073: 3069: 3066: 3065: 3064: 3061: 3059: 3056: 3054: 3051: 3047: 3044: 3042: 3039: 3038: 3037: 3034: 3032: 3029: 3027: 3024: 3022: 3021:Core sampling 3019: 3018: 3016: 3014: 3010: 2998: 2995: 2994: 2993: 2990: 2988: 2985: 2983: 2980: 2978: 2975: 2973: 2970: 2968: 2965: 2963: 2960: 2959: 2957: 2953: 2947: 2944: 2942: 2939: 2937: 2934: 2932: 2929: 2927: 2924: 2922: 2919: 2918: 2916: 2912: 2909: 2905: 2899: 2896: 2894: 2891: 2889: 2886: 2884: 2881: 2879: 2876: 2874: 2871: 2869: 2866: 2864: 2861: 2859: 2858:Indian Basket 2856: 2854: 2851: 2849: 2846: 2844: 2841: 2839: 2836: 2835: 2833: 2831: 2827: 2821: 2818: 2816: 2813: 2812: 2809: 2805: 2798: 2793: 2791: 2786: 2784: 2779: 2778: 2775: 2767: 2763: 2762:Econographics 2759: 2754: 2743: 2739: 2735: 2731: 2724: 2720: 2713: 2712: 2706: 2702: 2696: 2692: 2688: 2683: 2682: 2678: 2671: 2659: 2655: 2651: 2645: 2642: 2638: 2627: 2626: 2621: 2619: 2610: 2607: 2603: 2591: 2590: 2585: 2578: 2575: 2571: 2560: 2556: 2549: 2546: 2533: 2529: 2525: 2518: 2515: 2503: 2499: 2492: 2489: 2485: 2474: 2470: 2463: 2460: 2456: 2444: 2440: 2433: 2430: 2426: 2414: 2407: 2404: 2400: 2385: 2381: 2374: 2367: 2364: 2360: 2349: 2348: 2343: 2336: 2333: 2329: 2317: 2313: 2308: 2300: 2297: 2284: 2278: 2275: 2262: 2256: 2253: 2249: 2238: 2234: 2227: 2224: 2220: 2209: 2205: 2198: 2195: 2191: 2179: 2173: 2169: 2165: 2161: 2155: 2152: 2148: 2136: 2130: 2127: 2123: 2111: 2105: 2101: 2097: 2096: 2091: 2085: 2082: 2078: 2062: 2058: 2051: 2044: 2041: 2037: 2026: 2022: 2015: 2012: 2007: 2001: 1993: 1989: 1983: 1980: 1975: 1971: 1967: 1961: 1958: 1953: 1952: 1947: 1940: 1937: 1932: 1926: 1922: 1917: 1916: 1907: 1904: 1892: 1891: 1886: 1879: 1876: 1864: 1860: 1853: 1850: 1846: 1835: 1831: 1824: 1821: 1816: 1812: 1811: 1806: 1802: 1796: 1793: 1780: 1776: 1775: 1769: 1761: 1758: 1746: 1740: 1736: 1735: 1727: 1724: 1711: 1707: 1701: 1698: 1694: 1681: 1680: 1675: 1668: 1665: 1652: 1645: 1642: 1630: 1629: 1624: 1617: 1614: 1602:. Kuwait Fund 1601: 1595: 1592: 1579: 1572: 1569: 1557: 1551: 1547: 1546: 1538: 1535: 1519: 1513: 1510: 1497: 1490: 1487: 1473: 1468: 1467: 1462: 1456: 1453: 1440: 1439:The Economist 1436: 1430: 1427: 1411: 1407: 1400: 1393: 1390: 1378: 1374: 1368: 1365: 1360: 1354: 1338: 1334: 1333: 1328: 1321: 1318: 1306: 1300: 1296: 1292: 1291: 1286: 1280: 1277: 1265: 1259: 1255: 1251: 1250: 1242: 1239: 1227: 1223: 1216: 1213: 1201: 1199:0-8014-2884-X 1195: 1191: 1187: 1186: 1178: 1175: 1162: 1158: 1151: 1148: 1135: 1129: 1126: 1113: 1107: 1104: 1091: 1087: 1083: 1077: 1075: 1073: 1071: 1067: 1063: 1061: 1047: 1046:"Petrodollar" 1043: 1037: 1034: 1030: 1018: 1017: 1012: 1005: 1002: 998: 994: 989: 987: 972: 968: 962: 959: 946: 945: 944:The Economist 940: 934: 932: 928: 923: 917: 912: 911: 902: 899: 887: 883: 876: 873: 860: 853: 850: 837: 830: 827: 814: 810: 806: 799: 796: 783: 777: 775: 773: 769: 764: 758: 750: 746: 740: 738: 734: 728: 724: 721: 719: 716: 715: 711: 710:Energy portal 705: 700: 697: 691: 686: 681: 675: 671: 665: 660: 656: 652: 646: 641: 637: 633: 627: 622: 618: 614: 607: 602: 598: 594: 590: 584: 579: 575: 571: 564: 559: 555: 548: 543: 539: 535: 528: 523: 519: 513: 508: 504: 500: 493: 488: 484: 477: 472: 469: 465: 464:Faisal Mosque 458: 453: 449: 443: 438: 435: 431: 424: 419: 415: 411: 405: 400: 398: 392: 390: 388: 383: 381: 380: 373: 369: 365: 357: 355: 353: 349: 345: 341: 337: 333: 328: 326: 322: 318: 314: 310: 306: 302: 298: 290: 288: 286: 282: 278: 273: 265: 258: 256: 254: 250: 246: 242: 237: 233: 228: 224: 219: 215: 211: 207: 202: 200: 196: 192: 188: 184: 180: 176: 172: 167: 165: 161: 157: 153: 149: 145: 141: 133: 131: 129: 125: 122: 118: 114: 110: 102: 98:Capital flows 97: 95: 93: 88: 86: 82: 78: 74: 70: 65: 62:, mainly the 61: 57: 53: 49: 41: 37: 33: 32:Petrocurrency 19: 5682:Paul Krugman 5627:Hyman Minsky 5587:Alvin Hansen 5359:Econometrics 5336:Overshooting 5289:Harrod–Domar 5284:Arrow–Debreu 5231:Central bank 5197:Unemployment 5187:Supply shock 5145:Money supply 5022:Disinflation 5017:Demand shock 4924:Trade dollar 4909:Holey dollar 4793: 4732:Texas dollar 4496:Chinese yuan 4487:Circulating, 4335: 4187:Schlumberger 4117:Baker Hughes 4009:Marathon Oil 3999:Imperial Oil 3994:Husky Energy 3984:Galp Energia 3974:Devon Energy 3860:Saudi Aramco 3840:Petrovietnam 3785:NNPC Limited 3689:National oil 3569:Petrofiction 3563: 3537:Orphan wells 3505:Other topics 3476:Persian Gulf 3403:Saudi Arabia 3373:Standard Oil 3181:Well logging 3058:Petrophysics 2761: 2745:. Retrieved 2723:the original 2710: 2686: 2669: 2662:. Retrieved 2658:the original 2653: 2644: 2636: 2631:February 19, 2629:. Retrieved 2623: 2617: 2609: 2600: 2593:. Retrieved 2587: 2577: 2569: 2562:. Retrieved 2558: 2548: 2536:. Retrieved 2527: 2517: 2505:. Retrieved 2501: 2491: 2483: 2478:December 29, 2476:. Retrieved 2472: 2462: 2454: 2447:. Retrieved 2443:the original 2432: 2424: 2417:. Retrieved 2406: 2398: 2393:November 29, 2391:. Retrieved 2384:the original 2366: 2358: 2351:. Retrieved 2345: 2335: 2327: 2320:. Retrieved 2311: 2299: 2287:. Retrieved 2277: 2265:. Retrieved 2255: 2247: 2240:. Retrieved 2236: 2226: 2218: 2211:. Retrieved 2207: 2197: 2188: 2181:. Retrieved 2167: 2154: 2146: 2139:. Retrieved 2129: 2120: 2113:. Retrieved 2094: 2084: 2075: 2068:. Retrieved 2061:the original 2043: 2035: 2028:. Retrieved 2024: 2014: 1982: 1966:Ben Bernanke 1960: 1949: 1939: 1914: 1906: 1896:December 31, 1894:. Retrieved 1888: 1878: 1868:November 28, 1866:. Retrieved 1852: 1844: 1837:. Retrieved 1823: 1815:the original 1808: 1795: 1783:. Retrieved 1772: 1760: 1748:. Retrieved 1733: 1726: 1714:. Retrieved 1700: 1691: 1686:February 12, 1684:. Retrieved 1677: 1667: 1655:. Retrieved 1644: 1634:February 16, 1632:. Retrieved 1626: 1616: 1604:. Retrieved 1594: 1584:February 14, 1582:. Retrieved 1571: 1559:. Retrieved 1544: 1537: 1525:. Retrieved 1512: 1502:February 22, 1500:. Retrieved 1489: 1477:. Retrieved 1472:the original 1464: 1455: 1445:February 14, 1443:. Retrieved 1438: 1429: 1417:. Retrieved 1410:the original 1392: 1380:. Retrieved 1367: 1341:. Retrieved 1331: 1320: 1308:. Retrieved 1289: 1279: 1267:. Retrieved 1248: 1241: 1229:. Retrieved 1215: 1203:. Retrieved 1184: 1177: 1165:. Retrieved 1150: 1138:. Retrieved 1128: 1116:. Retrieved 1106: 1094:. Retrieved 1089: 1059: 1056: 1049:. Retrieved 1042:Popik, Barry 1036: 1028: 1021:. Retrieved 1019:. p. A1 1014: 1004: 985: 982: 975:. Retrieved 970: 961: 949:. Retrieved 942: 909: 901: 889:. Retrieved 875: 863:. Retrieved 861:. New Yorker 852: 840:. Retrieved 838:. New Yorker 829: 817:. Retrieved 813:the original 808: 798: 786:. Retrieved 672:vehicles in 483:Soviet Union 396: 384: 379:currency war 376: 363: 361: 329: 294: 274: 270: 203: 179:Persian Gulf 168: 140:recessionary 137: 106: 89: 85:price of oil 69:U.S. dollars 64:OPEC members 56:petrodollars 55: 47: 46: 36: 18:Petrodollars 5562:LĂ©on Walras 5445:Supply-side 5274:Accelerator 5182:Stagflation 5167:Price level 5062:Demand-pull 4899:Half dollar 4894:Dollar sign 4837:Angus Bucks 4794:Petrodollar 4768:Niue dollar 4489:but renamed 4443:Samoan tālā 4346:Circulating 4157:Halliburton 4029:Phillips 66 3850:QatarEnergy 3820:Petrobangla 3755:KazMunayGas 3645:Supermajors 3594:heavy crude 3481:Prudhoe Bay 3461:Niger Delta 3441:Caspian Sea 3204:Concessions 3154:Measurement 3120:Geosteering 3103:Squeeze job 3013:Exploration 2962:Consumption 2921:Consumption 2914:Natural gas 2843:Bonny Light 2747:January 31, 2664:January 13, 2625:Vanity Fair 2449:January 30, 2267:February 7, 2242:January 16, 2213:November 5, 2183:January 18, 2115:January 18, 2070:January 17, 2030:January 17, 1839:January 12, 1682:(41): 47–68 1657:February 4, 1606:January 22, 1561:January 22, 1527:January 22, 1419:January 31, 1310:January 31, 1269:January 31, 1205:February 8, 1167:February 5, 1140:January 31, 1118:January 31, 1096:January 31, 1051:January 11, 1023:February 5, 977:January 11, 951:February 7, 891:January 14, 611:New York's 568:Bottles of 540:oil fortune 468:King Faisal 462:Pakistan's 317:remittances 309:Kuwait Fund 305:petro-Islam 297:foreign aid 291:Foreign aid 253:debt relief 251:from which 5779:Categories 5617:John Hicks 5547:Adam Smith 5500:Circuitism 5490:Ecological 5478:Chartalism 5423:Monetarism 5398:Mainstream 5294:Solow–Swan 5269:Multiplier 5226:Commercial 5121:Endogenous 5079:Investment 4789:Eurodollar 4782:Conceptual 4340:or similar 4332:Currencies 4207:Transocean 4074:Tullow Oil 4064:TechnipFMC 3830:PetroChina 3668:ExxonMobil 3574:Shale band 3451:East Texas 3424:and fields 3238:Downstream 3191:Production 3098:Completion 3026:Geophysics 2967:Production 2926:Production 2863:Indonesian 2838:Argus Sour 2830:Benchmarks 2419:January 5, 1693:workforce. 1600:"Timeline" 1382:August 25, 1188:. Ithaca: 729:References 593:Saudi Oger 576:since 2005 505:since 1981 448:Itaipu Dam 218:Eurodollar 191:revolution 103:Background 92:oil crisis 54:exports (" 5727:Economics 5557:Karl Marx 5465:Heterodox 5440:Stockholm 5406:Keynesian 5172:Recession 5067:Cost-push 5057:Inflation 5012:Deflation 4830:Fictional 4202:TC Energy 4103:companies 3933:Trafigura 3880:Sonatrach 3825:Petrobras 3815:Pertamina 3725:Ecopetrol 3691:companies 3635:companies 3633:petroleum 3609:tight oil 3604:oil shale 3599:oil sands 3579:Shale gas 3520:sweet oil 3491:Venezuela 3466:North Sea 3422:Provinces 3413:Venezuela 3260:Midstream 2955:Petroleum 2815:Petroleum 2654:Just Auto 2595:March 29, 2564:March 29, 2353:August 1, 2322:August 1, 2289:March 23, 2141:March 29, 1785:March 29, 1750:March 29, 1716:March 29, 1406:Citigroup 1353:cite book 1254:Routledge 914:. Wiley. 865:April 10, 842:April 10, 819:April 10, 556:from 2004 532:London's 362:The term 344:Venezuela 227:Argentina 199:sanctions 113:2005–2014 109:1974–1981 52:petroleum 5766:Category 5709:See also 5697:Critique 5531:Notable 5473:Austrian 5221:Monetary 5208:Policies 5040:Rational 5035:Adaptive 4290:Category 4197:Subsea 7 4177:Petrofac 4172:NOV Inc. 4152:GE Power 4147:Enbridge 4101:services 3923:Mercuria 3913:Glencore 3875:Sonangol 3835:Petronas 3770:Naftogaz 3542:Peak oil 3525:sour oil 3280:Upstream 3275:Refining 3270:Pipeline 3226:Pumpjack 3221:Gas lift 3142:invasion 3085:Drilling 2972:Reserves 2931:Reserves 2736:(1979). 2602:militia. 2538:June 13, 2532:Archived 2316:Archived 2162:(2010). 2092:(2003). 2000:cite web 1779:Archived 1287:(1987). 1084:(1990). 1062:article. 757:cite web 682:See also 221:such as 5732:Applied 5512:Marxian 5390:Schools 4846:Private 4809:Virtual 4515:Defunct 3865:Sinopec 3855:Rosneft 3735:Gazprom 3730:Equinor 3658:Chevron 3305:History 3171:Tracers 3093:Blowout 2982:Exports 2977:Imports 2941:Exports 2936:Imports 2589:Haaretz 2507:July 3, 2100:Xlibris 2025:Reuters 1890:Reuters 1479:May 25, 1343:June 6, 1231:May 31, 788:May 28, 638:in 2009 599:support 538:Sibneft 518:Harrods 430:Daimler 307:". 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Index

Petrodollars
Petrocurrency
refer to caption
petroleum
petroleum-exporting states
OPEC members
U.S. dollars
pegged
global finance
petroleum politics
price of oil
oil crisis
1974–1981
2005–2014
Ibrahim Oweiss
U.S. Secretary of Commerce
Peter G. Peterson
industrialization
recessionary
1973 oil crisis
International Monetary Fund
developing countries
floating exchange rates
Johan Witteveen
balance of trade
current account
Arab countries
Persian Gulf
Libya
Iran

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