Abstract

This article discusses the dominance the US has over the Middle Eastern oil industry. It explores the timeline in which this happened, dating back to the collapse of the Bretton Woods system, as well as how strong their dominance is in the current world. The US has created numerous wars to maintain its oil hegemony and has dismantled governments in countries that do not act according to American oil interests. There have been multiple threats to the Bretton Woods system including structural issues and fierce competition. The petro-yuan has become a major component of the world oil trade and diminishing relations between the US and its trade allies could ultimately end the dollar’s currency dominance.