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Petroeuros: A Threat to U.S. Interests in the Gulf?
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Journal Article
Petroeuros: A Threat to U.S. Interests in the Gulf?
2004
Overview
Dollar-priced oil system creates a virtuous cycle for the United States, making the country's massive trade deficits tolerable and its foreign military operations financially bearable. Looney assesses the likelihood of a shift towards petroeuro oil pricing arrangement and its impact on United States' military and economic power. He cites that breaking the dollar/oil link would drastically reduce the role of US dollar as an international currency.
