PETRODOLLAR
Petrodollar recycling\xa0is the international spending or investment of a country's revenues from\xa0petroleum\xa0exports ("petrodollars").[3]\xa0It generally refers to the phenomenon of major\xa0petroleum-exporting nations, mainly the\xa0OPEC members\xa0plus\xa0Russia\xa0and\xa0Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies.[4]\xa0The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of\xa0US dollars\xa0per year \u2013 including a wide range of transactions in a variety of currencies, some\xa0pegged\xa0to the US dollar and some not. These flows are heavily influenced by government-level decisions regarding international investment and aid, with important consequences for both\xa0global finance\xa0and\xa0petroleum politics.[5]\xa0The phenomenon is most pronounced during periods when the\xa0price of oil\xa0is historically high.[6]\nThe term petrodollar was coined in the early 1970s during the\xa0oil crisis, and the first major petrodollar surge (1974\u20131981) resulted in more financial complications than the second (2005\u20132014).[7]