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Petrodollar refers to United States dollars earned through exports of petroleum (crude oil) by oil exporting countries.〔(The Petrodollar )〕 ==Origin== United States being the largest importer of crude oil, the world oil market has been priced in United States dollars since the end of World War II.〔Hamilton, James D. (Historical Oil Shocks ). Department of Economics. University of California, San Diego. Revised: February 1, 2011〕 International oil prices were based on discounts or premiums relative to that for oil in the Gulf of Mexico.〔Adelman, M. A. (1972). ''The World Petroleum Market'', Baltimore: Johns Hopkins University Press, Chapter 5.〕 But, although oil sales prior to 1973 were denominated in U.S. dollars, nothing precluded settlement in local currency. After the Bretton Woods conference in the year 1944, UK and its allies discontinued linking their currencies with gold but recognised US$ as reserve currency which was still pegged with gold. USA was following gold standard to benchmark at 35 US$/oz from 1941 to 1971. In reality, the dollar was not worth of that much gold due to inflation by 1971. In view of other countries particularly France, started tendering US$ to encash in gold, then President Nixon unilaterally cancelled the convertibility of US$ to gold at a fixed rate and allowed US$ value to float against gold. In the absence of fixed value convertibility in gold and high inflation, US$ exchange rate had been falling due to less demand of US$ abroad.〔(【引用サイトリンク】title= Oil, Petrodollars and Gold )〕 In October 1973, OPEC declared an oil embargo in response to the United States' and Western Europe's support of Israel in the Yom Kippur War, and this tension (and the new power of OPEC) led to fear that the dollar would become insignificant in the oil trade. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Petrodollar」の詳細全文を読む スポンサード リンク
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