petrodollars
/ˈpɛtroʊˌdɒlərz/
Definition
Profits or wealth generated specifically from the sale of oil.
Etymology
A portmanteau of the Greek-derived 'petro-' (meaning rock or oil) and 'dollar' (the U.S. currency). It gained prominence in the 1970s to describe the massive sums of money flowing to oil-exporting nations and, by extension, corporate oil empires.
In the news
The article uses the term to describe the immense wealth Gordon Getty acquired from the oil industry, which served as the foundation for the financial connections between the Getty and Newsom families. This context highlights how that oil-derived fortune influenced Gavin Newsom's early business and political opportunities.
How Newsom’s complex history with the oil industry could affect a presidential run | Dan Walters
Read the full article ↗Santa Ynez Valley News