Oil is black gold. Oil History


History of the Oil Boom and Petrodollars

The success story of oil begins in the 19th century. Oil has firmly entered the world economy thanks to the American oligarch John Rockefeller. He created the full-cycle company Standard Oil, in the future, a monopolist for oil production in the USA.

By 1890 , when the antitrust law came into force in the USA, Rockefeller Corporation occupied 95% of oil production in the USA and 70% in the world.

In 1911, Rockefeller, under pressure from the authorities, broke Standard Oil into 34 companies with controlling stakes.

In 1944, at an international Bretton Woods conference, countries agreed on a system of mutual settlements between dollars and gold. The United States was the main beneficiary of World War II and owned at least 50% of the world’s gold reserves. The United States became the guarantor of the Bretton Woods system and ensured the exchange of gold for dollars. True, only for the ministries of finance and central banks of other countries.

In the 1970s, after the fall of the gold standard, the United States created a settlement system – petrodollars. The conductor of this transition, Henry Kissinger is the US Secretary of State. He persuaded oil exporting countries, for example, Saudi Arabia, to sell oil only for US dollars, to place them in American banks at a high percentage in exchange for diplomatic and military-political support.

In the 1970-1990s, dollars are leading in commodity and financial markets. 95% of the money supply is traded in financial markets. The power of petrodollars over the global economy has become undivided.

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