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» Economics » Topics begins with P » Petrodollar

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Since that 2. World war is accounted for the trade with oil mainly in US Dollar. The money for this used is called also Petrodollar.

Consequences of the dollar invoicing

From the dollar invoicing of the oil two meanings can be derived:

First of all the large and constant dependence of the world economy on the crude oil has on the one hand as a consequence that the rate of exchange of each country in relation to the US Dollar it finally affects a crucial economic size of actual in large measure the Rohstoffpreise of a country.

Secondly the nearly exclusive dollar invoicing causes balance-technically Federal reserve for commitments of the US central bank opposite the oil exporting countries to enormous extent, since by the oil export large dollar existence flow to these countries.

Petrodollars and the Seigniorage incomes of the USA

Since it is missing to most oil exporting countries until today at interesting investment objects to large extent, more jeher a considerable portion of the dollar existence flows back into the USA since. This leads to the situation pleasant for the USA that to the country first of all by covering high Seigniorage incomes are given to the high demand for US Dollar. Secondly the USA profit from lastingly strong Kapitalimporten from the oil producing countries, which lead to high investments in the country.

Globalization critics compare this with a bank, which spends certificates of indebtedness, which are put on however afterwards by the creditors again with the same bank. Schooleconomic political economists however refer also to different disadvantages of the momentary situation; thus the strong dollar return flow leads load-carrying indebtedness of the country into the USA both to a higher inflation and to one on a long-term basis hardly more.

Petrodollars and the debt crisis

The profits of the oil states increased strongly by the two oil crises not only into the USA and to Europe exported separate to lead also in swelling and developing countries to high Together with the not sufficiently load-carrying financial markets of the countries the Kapitalimporte from the oil states contributed to the debt crisis of many swelling and developing countries at the beginning of the 1980er, since the countries used the flowing capital to large extent for consumer activity and thus those the investors only partly could gain promised net yield.

This problem was strengthened by the fact that in the industrialized countries at the beginning of the 1980er used years a high interest policy, in order to stop the inflationist tendencies. Since most of the assigned credits were flexibly paid interest on, the credit costs rose within short time very strongly. This is seen frequent as last-finite trips of the first debt crisis, which became obvious with the inability to pay of Mexico 1982.

The Petrodollar theory as explanation beginning for the US foreign policy

In opinion of the Petrodollar theory the meaning of the dollar invoicing for the USA was also a reason for the third Gulf War and other interferences with regard to foreign policy.

At the end of of 2000 began the Iraq to sell oil against euro instead of against US Dollar and changed over its national foreign exchange reserves to euro. If other oil states would have followed the example, the USA would have had to fear thereby without a doubt an enormous income loss from Seigniorage incomes.

The threats against Iran and Syria in the apron of this war served therefore for the fact that these states, which likewise considered a conversion of Petro dollar to Petro euro remained during the dollar account.

The venezolanische head of state Hugo showed up as advocates of a euro-invoicing of the oil most eager beside Saddam. In addition its country is a far larger oil exporter than Syria. Also against the US Government proceeded.

The USA support the venezolanischen opposition parties both materially, logistically and organizational - alone in the Putschjahr 2002 flowed of their 877,000 dollar to the opposition. Members of the American government accused of repeat of the promotion of the international terrorism, in particular the Colombian Guerillagruppe FARC. Also cross connections to aluminium-Qaida were maintained. None of these statements however could be so far proven.

In October and November venezolanische parliament delegates material, which suggested the preparations of a renewed Putsches of right circles of Venezuela in co-operation with the CIA, published 2003. In this connection the USA confirmed the military training of oppositionals of forces, disclaimed however each direct participation of the CIA.

Usually there is a multiplicity of reasons those to wars or Putschen leads. Also the Petrodollar theory should not be seen as only intervention reason. The exact economic and financial advantages, which have the USA by the Petrodollar, are not well-known. Therefore it is difficult this e.g. with the financial expenditures for wars or Putsche to compare at which the USA was involved or is.

On the other hand Syria, Venezuela and Iran also by other western states, which do not exhibit Petrodollar Seigniorage, politically are pressurized.

To what extent the Petrodollar theory affected the American foreign policy, is not well-known.

Iranian oil stock exchange

Already 2003 began Iran to act with its European and asiatic partners in euro. For March 2006 Iran plans the opening of a new oil stock exchange, the Iranian oil stock exchange (IOB) to act with the intention, exclusively in euro. This could lead to a eurobased price mechanism, as is speculated in a oft-quoted article of the Asia Time of August 2005.

For the USA the usually-acted reference oil (English oil marker) is designated west Texas Intermediate (WTI), for Europe Brent, to the North Sea oil field, and for Asia Dubai Fateh. In addition the OPEC oil, which is again a basket of eleven different types of oil, comes by which an averaged average is calculated. All four sorts have the US Dollar as nominal value.

However is the height of the income losses, which from an invoicing of the oil business in euro it would result to the USA to compute with difficulty since the "Petroeuro" would not prevent that large parts of the incomes from oil business are invested in plant forms, which are denominiert in US Dollar.

See also

  • Petroeuro
  • Petrorubel

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