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==Petrodollar==
==Petrodollar==
When the United States left its [[gold]] monetary standard in 1971 by ending the convertibility from dollars to [[gold]], the U.S. sold dollars needed for international transactions by issuing Treasury debt, which is a universally fungible international medium of exchange.
When the United States left its [[gold]] monetary standard in 1971 by ending the convertibility from dollars to [[gold]], the U.S. sold dollars needed for international transactions by issuing Treasury debt, which is a universally fungible international medium of exchange. Oil is the world’s most valued internationally-traded commodity, and virtually all transactions for oil globally were conducted in dollars until late 2022 [[Saudi Arabia]] began accepting [[Chinese]] yuan.
[[Category:Finance]]
[[Category:Finance]]