If the world stopped trading oil in US dollars then all those externally held dollars start coming home to roost.
Economic Armageddon my friend...
The Saudis could agree to trade oil in other currencies any time. This is the sword of Damocles they hold over us. It’s NOT important that we can produce enough oil domestically to supply our needs... we gotta keep those external dollars from coming home!
Even if it was true (doubtful) that the Saudis could switch oil currencies, no one cares.
Oil fracking is here in the USA. The whole OPEC cartel was crushed.
...and none of that has anything to do with USA vital interests in Syria.
The goldbugs are licking their chops at the thought of that.
There's no danger in dollars being repatriated.
We should be more concerned with people accepting Treasury's as legitimate debt instruments.
And, that is spread worldwide. Not just oil countries.