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Oil and Currency
The petrodollar is any U.S. dollar paid to oil-exporting countries in exchange for oil. The dollar is the preeminent global currency. As a result, most international transactions, including oil, are priced in dollars. Oil-exporting nations receive dollars for their exports, not their own currency.In addition, most oil-exporting nations own their oil industries. That makes their national income dependent on the dollar's value. If it falls, so does their government's revenue.