The Petro Dollar - Part 4 of 4
Added: Aug 22, 2008
Author: giash2
Duration: 8:26
Documentary regarding: The Petro Dollar.A petrodollar is a U.S. dollar earned by a country through the sale of petroleum. The term was coined by Ibrahim Oweiss, a professor of economics at Georgetown University, in 1973. Oweiss felt there was a need for a word to describe a situation then occurring in OPEC countries in which an imbalance of trade largely utilizing a single currency was largely offset by that currency's role as a reserve currency. Given the general tendency for crude oil prices to rise and become more volatile in recent years, it may even be argued that crude oil trading may, in the long term, be a significant liability for the stability of the currency in which the trade is conducted.Petrodollars refers to the money that Middle Eastern countries and members of OPEC receive as revenue from Western nations and then put back into those same nations' banks. For example if Libya were to receive money from the U.S. for oil and then put the money into a U.S. bank, that deposited money is referred to as petrodollars.
Channel: Education
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Rating: 5.00 (1 ratings)
Views: 163
Comments: 0
Added: Aug 22, 2008
Author: giash2
Duration: 8:26
Documentary regarding: The Petro Dollar.A petrodollar is a U.S. dollar earned by a country through the sale of petroleum. The term was coined by Ibrahim Oweiss, a professor of economics at Georgetown University, in 1973. Oweiss felt there was a need for a word to describe a situation then occurring in OPEC countries in which an imbalance of trade largely utilizing a single currency was largely offset by that currency's role as a reserve currency. Given the general tendency for crude oil prices to rise and become more volatile in recent years, it may even be argued that crude oil trading may, in the long term, be a significant liability for the stability of the currency in which the trade is conducted.Petrodollars refers to the money that Middle Eastern countries and members of OPEC receive as revenue from Western nations and then put back into those same nations' banks. For example if Libya were to receive money from the U.S. for oil and then put the money into a U.S. bank, that deposited money is referred to as petrodollars.
Channel: Education
Tags: analysis arts athletics business commentary commercial communications computer documentary dollar economics entertainment health home humanities language media medicine money music news performing petrol physical political science social tv
Rating: 5.00 (1 ratings) Views: 163 Comments: 0
