"And this is why everyone needs a big slug of dollars in their respective reserves - to buy oil." This petrodollar conspiracy is baffling. Countries don't hol

"And this is why everyone needs a big slug of dollars in their respective reserves - to buy oil." This petrodollar conspiracy is baffling. Countries don't hold dollars solely to buy oil. The oil and gas industry is only about 4.6% to 6.5% of the global economy. Countries hold reserve currencies to manage the exchange rate of their currency. Petrodollar conspiracists would be well served by learning about foreign exchange reserves: https://en.wikipedia.org/wiki/Foreign-exchange_reserves https://en.wikipedia.org/wiki/Foreign-exchange_reserves And in any case, only 65% of foreign currency reserves are in the USD.