While I agree with you about US dollars, the Saudis do need the US military to protect their oil fields. Russia a competitor in oil and ally of Iran will not protect the gulf states oil fields. China is the only BRIC nation that might be willing and able to replace the US. It’s military is capable and it’s economy is large enough to support a petro-yuan type deal. Obama and to a lessor extent Bush have made a mess of the middle east and the US economy. The slow train wreck continues.
I believe the wheels have been set in motion to de-couple the dollar from oil settlements. The BRIC nations already have an agreement where they give out loans in their local currencies in a move away from the US. Dollar and the Euro. Also, China is investing 8.5B in a new oil refinery in Saudi Arabia to be operational next year. Here’s a link
So it would appear the Saudi’s have a new sugar daddy in the Chinese. The US has been irresponsible in it’s stewardship of the reserve currency with it’s abuse of the printing press and the rest of the world is sufficiently pissed off enough to do something about it.
Meanwhile back at home, Obama fiddles ( or is that plays golf?) while the US burns.