“The petrodollar regime–that oil is bought and sold globally in U.S. dollars–is easy to understand. It boils down to these two principles:  1. Petroleum is the lifeblood of the global economy.  2. Any nation that can print its own currency and trade the conjured money for oil has an extraordinary advantage over nations that cannot trade freshly created money for oil.  This is why many analysts trace much of America’s foreign policy back to defending the petrodollar regime.  In the normal course of things, anyone printing money in quantity would soon find the conjured currency bought fewer and fewer barrels of oil.”

http://charleshughsmith.blogspot.com/2013/09/americas-energy-boom-and-rising-us.html

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