The Actual 1974 Saudi Arabia and US Agreement on Cooperation and the Petrodollar Future
nextbigfuture.substack.com
The Milestone June 8, 1974 agreement between the USA and Saudi Arabia was not about exclusively pricing oil in US dollars. It was about enabling Saudi Arabia to use its windfall of oil money into the US economy. The petrodollar system does and did become dominant but it was for mutual economic benefit. The non-renewal of the economic cooperation agreement is an issue but it is not the immediate collapse of the petrodollar system. Here is more of the details about it.
The Actual 1974 Saudi Arabia and US Agreement on Cooperation and the Petrodollar Future
The Actual 1974 Saudi Arabia and US Agreement…
The Actual 1974 Saudi Arabia and US Agreement on Cooperation and the Petrodollar Future
The Milestone June 8, 1974 agreement between the USA and Saudi Arabia was not about exclusively pricing oil in US dollars. It was about enabling Saudi Arabia to use its windfall of oil money into the US economy. The petrodollar system does and did become dominant but it was for mutual economic benefit. The non-renewal of the economic cooperation agreement is an issue but it is not the immediate collapse of the petrodollar system. Here is more of the details about it.