Have the U.S. balance of payments position and the value of our currency in relation to other national currencies been weakened by the increased petroleum prices? The answer is not self-evident. While increased imported oil prices have undoubtedly caused certain difficulties in the U.S. economy and in the BOP, it is entirely possible that over the long-term this situation could be economically advantageous to the United States. This paper seeks to illustrate the multifaceted dimension of currency movements and how money moves through the world's economy.
Pattillo, Donald M.
"Recycling the Petrodollar: Current Problem, Future Opportunity,"
Syracuse Journal of International Law and Commerce:
2, Article 6.
Available at: http://surface.syr.edu/jilc/vol3/iss2/6