Petrodollars may be defined as the U.S. dollar earned front the sale of oil, or they may be simply defined as oil revenues denominated in U.S. dollars. Petrodollars accrued to oil-exporting nations depend on the sale price of oil as well as the volume being sold abroad, which is in turn dependent on oil production. The overall world supply of oil, on the one hand, and the world demand, on the other hand, determine sooner or later an actual market price for oil regardless of any administered pricing system. A price determined by OPEC can be maintained only so long as there is sufficient demand to absorb the amount being supplied in world markets. If demand exceeds supply, oil will be sold at an even higher price than that determined by OPEC. The opposite holds true when an oil glut occurs. This is reflected in a drop in the price after a certain time lag regardless of the price dictated by OPEC. The experience of the seventies and the eighties is no more than art application of microeconomic tools to the pricing of oil in world markets. Read More: http://faculty.georgetown.edu/imo3/petrod/define.htm
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