NPR Topics: Business•Yesterday
How the petrodollar regime came to be, and what losing it would mean for the U.S.
WAILIN WONG, BYLINE: In 1973, Egypt and Syria launched an attack on Israel. WONG: Petrodollar flows started to wane in the 1980s as oil prices went down, but the broader petrodollar regime stayed in place. WONG: In fact, China wants to challenge the dollar as reserve currency, and it's taking aim at the all-important petrodollar regime, which, as we know, is a key part of the dollar's reserve status.
