[thsksbd]

The petrodollar was never about access to Saudi oil. Even when we imported large amounts of oil, we also produced a lot and we had very many different suppliers.

The petrodollar was about creating a massive market for USD despite us having a massive trade deficit. Every country that wanted to buy oil had to hold USD and US treasuries to buy the oil.

This cemented the USD as the world currency therefore financing our budgetary (as opposed to trade) deficit with cheap interest rates.

[halJordan]

Why do you guys insist on presenting as an educated authority but get such basic verifiable facts wrong? Among other things, the US was absolutely worried about maintaining access to Saudi oil. And the us-saudi "oil for protection" scheme stated in the 40s when the US was the world's factory.

Its not even the wrong facts, it's that you could just Google it and still present as this authority you want to be, but actually be correct.

[daedrdev]

I guess my point is that the USD has many other reasons for being the world currency, (firstly the lack of alternatives) and the money that was spent on Saudi Oil and would partly come back due to the petrodollar now stays in the US on US oil so its not like the US has lost any value.