Eli5: Why is the U.S. Dollar so powerful?

Question

Eli5: Why is the U.S. Dollar so powerful?

In: 208

Answer 1

The USA doens’t produce much of the global oil, throughout history since WW II, but global oil has always been traded in dollars.

This has kept the dollar valuable, you could always buy oil from it. There has been many times countries have said, why don’t we sell our oil in our local currency, but essentially, USA then destroys them.