Is the US dollar backed by oil?What do you think?

[rollingstorm45]

I don't think so, if US dollar is backed by Saudi Arabian oil then why it's current money value isn't the same as Saudi Real? U.S. dollars are backed by the “full faith and credit” of the U.S. Government, that is what I strongly believe for now.

the most important thing is that the dollar is used as an international currency, and is used by all countries so that more and more countries are using it, the stronger the value is. The support is supported by all world trade.

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[nur rochid]

Oil is a big currency in this economic warfare period we are in. Of course, there are still wars going on all around the world with regular guns and what not but the biggest weapon in countries hands are the economical advantage over some resources, if USA doesn't have access to enough Oil their dollar will lose a lot of value. How can they get more oil ?

Military action and when they do that they need a lot of power behind them to go all the way to the other side of the world and take peoples oil from them and than bring it back to country, you can't do that with a small military you need worlds biggest for that. In order to keep making your military biggest of all military you need to keep spending money on it and in order to keep spending on it you need more money from oil to balance it out, so its an endless circle for them.

right, even though America is not the biggest oil-producing country, they are capable of influencing that business. right what you say, by mastering the market certainly makes economic stability good, and the dollar is maintained

[Oasisman]

More liked it is back by the US military - which also happen to be keeping the oil producing regimes in the Middle East secure. It sure helps though that they managed to force those monarchs to only sell oil in dollars. Anyone trying to do otherwise is dealt with (for example Gaddafi).

Although I believed that US dollar isnt backed with any commodity, not even the precious metals on earth or oil beneath us, but this comment really is the real thing if its true that US is backed with something like oil lol, I mean without these US military based in all portions of the middle east, oil might be distributed anywhere else, not the US as their priority.

Not an expert in this field but this is just my two cents

Probably Zimbabwe cents 

People, stop with the conspiracy theories and look at facts!!!

The US is not the main importer of oil from the Middle East, even a few years ago so not considering the continuous increase in shale oil, China, Japan and India imported more oil from the middle east than the US.

https://www.rigzone.com/news/oil_gas/a/146765/crude_oil_export_trends_in_the_middle_east//?all=HG2
https://www.quora.com/Which-countries-import-the-most-oil-from-Middle-Eastern-countries

Neither the US nor the EU are dependent on oil and gas from the middle east.
Secondary, Rosfnet and CNPC are exploring more oil than US companies in the area.

So, just stop with this oil nonsense.
The dollar is backed not by the 1.7 trillion global oil economy but by the 20 trillion economy of the US.

To make things clear, the value of all the oil produced in a year is around 1.7 trillion, the US imports stuff worth 3.1 trillion, nearly double. This is why the $ is so valued because everyone wants a share of that huge market, and the only way you're going to be paid is $.

Lol yeah probably Zimbabwe cents lol 😂
Told you wasnt an expert regarding this matter ( this isnt my field of interest anyway), but thanks for providing links and facts on the issue.
The reason why I dont believe US is backed by any of the common commodities thats being brought everytime theres a discussion like this, its because I already heard that conspiracy theories before. What I said up there, was just to connect how related the situation to each other "IF" that theory was true.

P.s Quora is my favorite source of information anyway, thanks for bringing it up.

[Apes]

maybe this is a conspiracy between US / Saudi Arabia or this part of a black campaign to undermine dollar domination and oil sales in the Middle East. because US dollar and the world oil market have mastered the world commodities needs. so hence many countries that want to be independent to develop transactions use their own currency and to create energy that is not petroleum-based so that there is no business monopoly.