Petro Dollar Scam

Petro Dollar Scam.


Petro dollar is a term used to refer currency used to purchase petrol. But have you ever heard of Petro Dollar scam? Are you aware of the things which happenned just before you but you aren’t aware of it?

United States of America is a union of states and considered as a superpower. The only competitor was the USSR, which resulted in a period of mistrust, tensed period known as Cold War since 1945 till the end of USSR in 1991. Due to poor economy and also due to the ramifications of the Afghan war the USSR dissoluted into 15 countries. With the USSR gone, the USA emerged as the sole-superpower in a unipolar world dominating many foreign policies. The policies were aggressive, selfish, dominating and it resulted in many wars in Gulf and Afghanistan. The reason for all Iraq, Afghan wars is not because of terrorism or a nuke threat from Islamic states but just to protect the US dollar and propping up of Oil and Petrol prices. Read below to read more about the shocking story.


An Iraqi women pleads for freedom as an US soldier arrests her. US soldiers committed a lot of human violations against women in Iraq.


The story winds back to 1971 during the tensed Cold War period between the USSR and the USA, when US printed a lot of dollars in paper. When the French Government demanded Gold in return, the US government didn’t have enough gold for the money it has already printed. A deal was done with the OPEC or the Organization of Petroleum Exporting Countries and globally oil and natural gas were dealt in dollars. The US Government got oil just for printing dollars in paper. From that point on, every nation that needed to buy oil had to first hold US dollars, which meant that they exchanged their goods and services for dollars, for which the treasury of US just printed.


Huga Chavez was the Venezuelan President who criticized American policies and sold Oil and Petroleum in Euro instead of US dollar. As usual CIA played a crucial role in many attempts to overthrow his regime and wasn't successful.


Now how are the wars related to this scam? Saddam Hussein started selling Oil and Petroleum in Euros instead of dollars. This would affect the American economy. The US claimed that Saddam had Weapons of Mass Destruction and entered into Iraq. The government was replaced by a puppet government within months which was nothing but US’s pet. In 2003, the leadership in the White House created a pretext to wage war and invade Iraq and the first thing they did in 2003 was revert sales of oil back to dollars. For a short time, a major financial crisis was averted.


What was the real purpose of Iraq War?

In 2006, Hugo Chavez the President of Venezuela started selling his country’s oil for currencies other than dollars and a number of attempts on his life and regime change were attempted which were traceable to our dearest CIA.

Next, the Iranian President Ahmadinejad decided to start selling oil for every currency except US dollars. The petrodollar scam is coming to an end. As the nations of the world find that they can buy oil with their own currencies instead of holding US dollars, more OPEC nations will abandon the dollar.

-Krishna Kumar.S