Dollars for Oil: The 41-Year Secret That Shaped U.S.-Saudi Relations

This article details a previously secret 1974 agreement between the U.S. and Saudi Arabia where Saudi Arabia invested billions of petrodollars in U.S. Treasury bonds to help stabilize the American economy after the oil crisis. This deal, brokered by Treasury Secretary William Simon, remained confidential for over four decades to avoid alienating the Saudis and other oil-producing nations. Recently released information reveals the extent of Saudi investment and raises concerns about the kingdom's potential use of its financial leverage as a political tool. The article explores the complex history of this relationship and its implications for current U.S.-Saudi relations.