The Actual 1974 Saudi Arabia and US Agreement on Cooperation
by Brian Wang from NextBigFuture.com on (#6NMYP)
The Milestone June 8, 1974 agreement between the USA and Saudi Arabia was not about exclusively pricing oil in US dollars. It was about enabling Saudi Arabia to use its windfall of oil money into the US economy. The petrodollar system does and did become dominant but it was for mutual economic benefit. The non-renewal ...