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Topic: Petrocurrency

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Energy crisis

OPEC

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1973 oil crisis

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	CONK! Encyclopedia: Petrocurrency (Site not responding. Last check: 2007-10-09)
		Petrocurrency describes the currency of a country that exports oil: for instance, Saudi Arabian riyals.
		Pound sterling has become a petrocurrency thanks to North Sea oil exports.
		The Canadian dollar is increasingly viewed as a petrocurrency.
	www.conk.com /search/encyclopedia.cgi?q=Petrocurrency (65 words)

	Alexander's Gas & Oil Connections - Sterling set to fall as oil revenue dries up (Site not responding. Last check: 2007-10-09)
		13-04-04 The pound is set to come under pressure as its near 30-year status as a "petrocurrency" comes to an end, a new study predicts.
		The IMF estimated this was worth a 23 % appreciation in sterling, which duly rose in value over the period.
		"But when the underlying dynamics of slowing UK growth and the turnaround from petrocurrency status become fully understood by the markets, a fall in the pound becomes highly likely," the CEBR says.
	www.gasandoil.com /goc/news/nte41856.htm (423 words)

	China has financial leverages
		Otherwise, it will no longer be trusted as a de facto currency reserve, nor a petrocurrency.
		Use the Euro as the de facto petrocurrency and currency reserve, thereby less demand for the dollar, further weakening our economy.
		Another idea was bypassing petrocurrencies altogether by going to a direct barter system.
	www.chinadaily.com.cn /english/doc/2004-11/16/content_391951.htm (844 words)

	Energy the most important component of rise in TSX and CAD
		The CAD has now been labeled a "petrocurrency" by some analysts as it has followed very closely the rise in the price of oil in its move through 85 cents from a low of just over 80 cents earlier this summer.
		In the last 8 weeks as oil has moved considerably higher, the CAD had its final push to highs not seen since 1992, and the excessively high interest rates of the Brian Mulroney/John Crow (former governor of the Bank of Canada) era.
		The CAD has now been labeled a "petrocurrency" by some analysts as it has followed very closely the rise in the vvvvvkkkkk28iiiii in its move through 85 cents from a low of just over 80 cents earlier this summer.
	www.discount-currency-exchange.com /foreign-exchange-updates/news-us.cfm/FOREX_news/9-14-2004 (17732 words)

	Michael Hudson - financial economist and historian
		As matters now stand, the oil wealth is causing problems by making the krone a petrocurrency pricing Norwegian labor and industry out of world markets.
		Just as the land and its subsoil endowments produced most income from antiquity through medieval times (and for local municipalities in the modern epoch) so Norway today could base its tax system on this free rental revenue rather than taxing the income earned by labor (wages) and tangible capital investment (profit).
		The greatest challenge confronting Norway during the remaining years of the present decade will be to manage its oil wealth so that it serves as a benefit rather than a burden to Norwegian labor and industry.
	www.michael-hudson.com /speeches/0008norway_1.html (4839 words)

	Blogger: Email Post to a Friend
		If the petrocurrency war was quixotic at best, as you wrote, why did he launch the war?
		Bush knew that Saddam's petrocurrency war risked pumping up the euro too soon against the dollar; that would backfire on EU zone exporters.
		Thus, the quixotic aspect of Saddam's petrocurrency war.
	www.blogger.com /email-post.g?blogID=9359747&postID=110324018884414489 (3286 words)

	Pinnacle Exchange: Forex Currencies: British Pound (Site not responding. Last check: 2007-10-09)
		The Pound, a petrocurrency, is sensitive to the movements of oil prices.
		It is considered a "petrocurrency" due to the oil exports from the North Sea.
		The area is one of the largest non-OPEC producing regions in the world.
	www.pinnacle-exchange.com /forex-currencies-pound.html (290 words)

	David Smith's EconomicsUK.com: Will sterling survive the end of the North Sea era?
		It helped to push sterling, which became a “petrocurrency” overnight, to uncompetitive levels, exacerbating the savage shakeout of manufacturing in the early 1980s.
		Sir Michael Edwardes, the then chairman of British Leyland (one of Rover’s many predecessors) spoke for many in industry when he said it would have been better to “leave the bloody stuff in the ground”.
		If one effect of oil surpluses was to make sterling a petrocurrency, pushing it higher, the opposite must surely happen as the North Sea runs down.
	www.economicsuk.com /blog/000147.html (1416 words)

	Sterling and the EMS In for a penny
		He presented evidence which suggested that membership would help stabilize the real effective exchange rate of sterling and the UK terms of trade.
		Melitz dismissed the arguments against UK entry: there would be no real loss of monetary policy independence, since the authorities had already largely abandoned monetary control, and the persistent misalignments of the 1980s could be avoided in the EMS, despite the pound's petrocurrency status.
		The petrocurrency status of the pound had also been cited in arguments against UK entry.
	www.cepr.org /pubs/bulletin/meets/154.htm (940 words)

	Petrocurrency
		The currency of a country with oil to export, for example, Saudi Arabian riyals.
		North Sea oil has made sterling a petrocurrency.
		The $A is not, because although Australia has oil it does not export enough to qualify the dollar as a petrocurrency.
	www.anz.com /edna/dictionary.asp?action=content&content=petrocurrency (129 words)

	:: Welcome to Manila Bulletin Online ::
		That relationship, which broke down three years ago as the dollar slid on concerns about widening US trade and current account deficits, has resurfaced in 2005, analysts said.
		"I see further dollar gains (against the euro) because these petrocurrency owners will buy less of a currency that is falling in value such as the euro," said Stephen Jen, chief currency economist at Morgan Stanley in London.
		The euro has slumped in recent weeks after the rejection of the proposed EU constitution by French and Dutch voters cast doubt on the political future of the euro zone.
	www.mb.com.ph /issues/2005/06/26/BSNS2005062637824.html (538 words)

	EDC - Weekly Commentary - EDC's Senior Vice President, Corporate Affairs and Chief Economist Stephen S. Poloz comments ... (Site not responding. Last check: 2007-10-09)
		In contrast, the Aussie has been edging lower, particularly during the May-August period.
		In recent months, the Canadian dollar has emerged as a petrocurrency, positively correlated with the price of oil.
		The global economy appears poised to shift to a slightly slower growth track, and most commodity prices have begun to plateau as a result, consistent with the flat-to-softening track of the Australian dollar.
	edc.ca /docs/ereports/commentary/weekly_commentary_e_7646.htm?... (543 words)

	From Richard Risemberg
		And we move our people primarily in cars--one engine per passenger--and in aircraft, which need plenty of oil.
		If the oil-producing states were to change even partially to the euro as a petrocurrency, there would be less competition for dollars.
		Countries seeking euros for oil purchases would deal with the European Union, not the US.
	www.newcolonist.com /rr33.html (1650 words)

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