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This is a silly argument considering the widespread adoption of the USD for international trade, well beyond the oil industry.

• notch656a 5y ago
  You're right, if I held all Euros which are used in something like 33% of worldwide forex trades, then everything would be dandy and the government wouldn't mind at all that I wasn't paying in dollars. That's why every American has lots of Euros. The dollar isn't better managed than all the other currencies. It's a network effect of debt denominated in USD, one of the most relevant of which is that taxes for about 25% of global GDP is paid in dollars.
  • perl4ever 5y ago
    If you need dollars, you can exchange your euros for dollars seconds before paying whatever. If the government had a problem with that, something drastic would've changed. You can speculate that the US will deteriorate into a state where there will be currency controls and stuff, but in our lifetimes, it hasn't been like that. People say, or used to say, a lot, that oil being denominated in dollars meant something. I mean, that the choice of units has great economic value, somehow. But nobody's denying that you can exchange one currency for another at any time, right?