Was the US invasion of Iraq due to the Petrodollar standard being threatened by Saddam Hussein and does the Petrodollar standard still play a major role in the strength of the US dollar today

Question

I wanted to know whether this is true or was it just a conspiracy.

In: Economics

Answer 1

The petrodollar warfare theory is a conspiracy theory for distracting edgy baristas from their meaning less existence.

The US anted Iraq to sell oil for dollars so bad that the US voted to allow Iraq o sell oil for Euros when they were under UN sanctions. https://www.cnn.com/2000/WORLD/meast/10/30/iraq.un.euro.reut/

Not really. Yea, the US wants countries to sell oil for dollars so bad that **the US makes it illegal for countries to sell oil for dollars.**

**Also, the US made it illegal for Venezuela to sell oil for dollars.** https://www.bloomberg.com/news/articles/2018-10-16/dollars-are-out-euros-are-in-as-u-s-sanctions-sting-venezuela

**And the US made it illegal for Iran to sell oil for dollars**- https://www.cnbc.com/2019/12/14/mnuchin-us-isnt-weaponizing-dollar-sanctions-are-alternative-to-war.html

**And Oil makes up less than 1% of global dollar trade.**

[Total oil trade globally](https://www.visualcapitalist.com/size-oil-market/) – $1.7 Trillion/YEAR

[Total dollar trade](https://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2019/01/15/forex-market-size-.html) = **$4.6 Trillion. Every. Single. Day.**

Do you remember that time the dollar collapsed because oil prices fell by 75%?

Yea, me neither.

Nobody ever tries to refute these facts, but some act like children who just learned Santa Claus was not real.