How did the IEA contribute when it was painful for the U.S. to pay for imported oil?

Are you interested in a job where you have to invest your salary in your employer? Does it make any sense to you?

You can read how the IEA contributed to a similar arrangement when it was painful for the U.S. to pay for imported oil.

The IEA's political role in the financial recycling of Petrodollars:

Jan 30, 1975, United States Senate Hearing: Senator Bentsen "This morning we are commencing a very important series of hearings concerning the impact of oil import payments and recycling of petrodollars on our economy and on our financial markets.

...I must say, Mr. Secretary, that I am concerned about this Nation being able to pay $25 billion a year for imported petroleum and the impact of this cost on our economy."

(Source: Press release 298, dated May 27, 1975)

Secretary Kissinger

1. First, we should discuss the management of FINANCIAL RECYCLING. Both producers and consumers have an interest in the effective reinvestment of surplus funds".
2. "Incoming investment policies of the industrialized countries... the industrialized countries, while they welcome new investment, will want to RETAIN CONTROL of those sectors of their economies which they consider critical".
3. "New industries can be established, combining the technology of the industrialized world with the ENERGY AND CAPITAL OF THE PRODUCERS".
4. "Oil-producing countries and the industrial consuming countries share responsibility for easing the plight of the poorest nations. The newly rich producing nations HAVE AN OBLIGATION TO JOIN us in this effort".
5. "There is an obvious need for a forum in which producers and consumers can DISCUSS DIFFICULT ISSUES OF OIL PRICES AND SECURITY OF SUPPLY".Petrodollar recycling is the reinvestment of crude oil exporting countries' revenue denominated in U.S. dollars. The petrodollar emerged as an economic concept in the 1970s as growing U.S. imports of increasingly costly crude oil increased the dollar holdings of foreign producers.

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