The Street: After 50 Years, Death of the Petrodollar Signals End of U.S. Hegemony

The petrodollar, which has been in place since 1974, officially expired on June, 9, 2024. 

This was a deal that was put in place to bring Arab nations and the U.S. closer together. It was designed to circulate dollars between the two regions in exchange for oil sales. As a result, oil has been a commodity that has been priced and traded in dollars. Now, as this deal has not been renewed, Saudi Arabia can trade or deal in currencies outside of the U.S. dollar; they can now trade in yen, euros, Chinese yuan and even the highly-contentious Russian ruble. 

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