What Does the Word Petrodollar Mean?

Chris at Hauseit® (https://www.hauseit.com) goes over the meaning of the word the Petrodollar, its history and its relevancy today.

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The word Petrodollar is widely thrown around in financial circles without most people understanding what it means, or the history behind it.

At its very core, it refers to the way most commodities, and most importantly oil, is priced. As you might imagine, commodities are traded worldwide between different nations yet must be priced in something.

Historically, efficiency gains have come from commodities being traded in a single (or few) reserve currencies. Hence the name the Petrodollar.

We explore this mystery and explain further in the following video.
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