Petrodollar is gotten from two different words which is "Petrol and Dollar". Thus, "Petrol + Dollar" = "Petrol Dollar".
Petrodollar simply means the national unit of currency earned by a country's sales in petrol through exporting. It actually has to do with the country's earned amount of money as a result of export in petrol.
In conclusion, most countries have their reliable source of income and investment which assist them in developing their economy. Some countries depend on the production of crude oil while some depend on power supply but most importantly we also have some African countries that depend more on petroleum. They tend to export petrol to other countries that may seems to be in need of petroleum for their running activities. The country engaging in exporting of petrol for sale of petrol will earn petrodollar.
Thanks for reading and I hope this helps.
The Petroleum industry globally is second to the manufacturing sector globally. It entails extraction after exploration of hydrocarbon deposits in the earth crust. The industry also entails the distribution and marketing of the various Petroleum Products like gasoline, DPK, bitumem, various industrial and domestic gases etc.
Most of these products are either consumed domestically or exported to other nations which are not priviledged with hydrocarbon endowment. Since this is a global phenomenon and trade which is pivotal to every economy's growth, its commerce is denominated in dollars.
The monetary values generated within the industry value chains is so humongous as compared to that from other industries hence it is dubbed "Petrodollars"!!
Wouldn't you rather invest in the Petroleum industry??