What happens to the US economy if the oil industry shift to using the Euro?

In the 1970's some genius decided that us dollars would no longer be backed by gold. With pressure Oil was sold on the international market by US dollars, this has become to be known as petro-dollars. The euro has flourished as a currency, overtaking the US dollar in a growing number of countries. Our own debt has resulted in a weakened dollar and higher oil costs. Will the US dollar become insignificant globally if oil states shift to the Euro? Would our economy collapse?





I am thinking depression would ensue as a result of the shift to the Euro. Selloffs of t-bills would compound the problem....but I am not an economist.What happens to the US economy if the oil industry shift to using the Euro?
If the Euro were to actually become the new petro-currency it would be bad for the US, but would not actually collapse our economy.





It would mean a much weaker dollar (higher costs of imports, etc) that would certainly not be good for us, but would not be world-ending.





The real important thing though, is that it is not going to happen. There are too many places (including the central banks of many foreign governments, China at the top), that have too many of our T-bills to even want to begin paying for their oil in anything but a dollar. If they do that, and the dollar falls through the floor, all of their investments fall through the floor too. It is a bit of a self-perpetuating cycle, and could lead to some very dire circumstances, but for the time being, no one is running from the dollar any time soon.What happens to the US economy if the oil industry shift to using the Euro?
It wouldn't be a huge deal; most nations who have large stocks of it do it for two reasons:





To artificially manipulate exchange rates in order to sell more to the US.








or





They realize that the investment opportunities in the US are are strong and inherently stable.
Total collapse of the economy resulting in the majority of the people being no better off than those in the Sudan. Only the rich will benefit, which is what they want.
That is a big problem. Everyone wants to get rid of the dollar but its no easy to do. If the dollar gets dumped your savings would vaporice but at the same time you dont want to keep accepting new dollars.





It is wise to ask what good are large dollar stockpiles when you cannot use them. That doesnt seem like real wealth to me, thats a scam. You are sitting on a mountain of money but cant use it? Please!





For a local pont of view all this talk about stockpiles and the such is irrelevant. If you are a private individual with a few thousand dollars you will change them to euros (or yens) as soon as you can and to hell with macroeconomic considerations! As a result the dollar may not have collapsed yet but has already lost HALF of its value.





Indeed, half. Are we clear about that? Half the value is gone and people still say ';Oh, the dollar is doing just fine, i love my american moeny LOL';.
HELL TO THE NO!!! i dont want to use no euro.... us dollars are more valuable (to me) and worth more......if u ask the common person they would rather have american money than the euro......

albinism