He is wrong. Oil is still traded globally on the dollar. It doesn’t matter who is buying a barrel of oil it is bought in dollars. This props up our economy in ways we can’t imagine and makes the dollar the international currency that it is. Russia and Saudi want to change this, if oil is traded on the yen which opec has the ability to do, our dollars are suddenly worth half of what they are now. This is the line that must be walked and it is a huge part of the Russian pea-cocking going on right now.

Even if we use no oil in the United States the international oil trade stabilizes our currency. It is essentially the foundation of the “good faith and credit” that our money is based on.