International Business by Hill Charles W. L

Author:Hill, Charles W. L. [Hill, Charles W. L.]
Language: eng
Format: epub
Publisher: Business And Economics
Published: 2010-01-01T05:00:00+00:00

The surge in oil prices was a windfall for oil-producing countries. Collectively they earned around $700 billion in oil revenues in 2005, and well over $1 trillion in 2007 and 2008, some 64 percent of which went to members of OPEC with Saudi Arabia, the world’s largest oil producer, reaping a major share. Since oil is priced in U.S. dollars, the rise in oil prices has translated into a substantial increase in the dollar holdings of oil producers (the dollars earned from the sale of oil are often referred to as petrodollars). In essence, rising oil prices represent a net transfer of dollars from oil consumers in countries like the United States to oil producers in Russia, Saudi Arabia, and Venezuela. What did they do with those dollars?

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