The Dollar’s Power Never Came From Oil

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The Dollar’s Power Never Came From Oil

The war in Iran and the disruption of shipping through the Strait of Hormuz have renewed an old debate about the foundations of American global power. Oil has been central to the geopolitical order dominated by the United States since World War II. The dollar is the principal international currency, oil is overwhelmingly priced in dollars, and American military power has been essential to controlling access to petrol…