One of the mysteries of the English language finally explained.
A notional unit of currency earned by a country from the export of petroleum.‘petrodollars were pouring into the kingdom’
- ‘Nevertheless, in a Nov. 22 report Fitch noted that Mexico has used its oil bounty less productively than Russia, which is running a fiscal surplus even as it spends many of its petrodollars to pay down the country's debt.’
- ‘With oil prices hovering above $50 a barrel, Russia, the world's second-largest producer of crude after Saudi Arabia, is raking in petrodollars.’
- ‘The Saudis have hitherto sold oil and bought expensive weapons systems from the Pentagon, as well as recycling surplus petrodollars without question back into US treasuries.’
- ‘Oil and gas account for 55% of Russia's exports - and with oil prices around $50 a barrel, the country is raking in petrodollars as never before.’
- ‘As well as pushing up the value of the currency directly, a flood of petrodollars may also undermine manufacturing competitiveness by stoking inflation.’
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