> that the US will protect international shipping, and in return all petroleum contracts will be priced and executed in dollars People say this, but the dollar

> that the US will protect international shipping, and in return all petroleum contracts will be priced and executed in dollars People say this, but the dollar is free-floating against other currencies and oil is priced on (OPEC-manipulated) supply and demand, so it seems like an accounting fiction. Like, we could price oil in pork belly futures.