> petrodollar isn't something minor. The role of both oil and the currency used internationally for trade can hardly be understated in history

In history. Not today. Remember, in 1974 the U.S. didn’t trade with China [1], the USSR or the Soviet-aligned world. (We were also a massive energy importer [2].)

There is a reason the term petrodollar only shows up in fringe blogs, and never in monetary policy discussions (since at least Greenspan).

[1] https://guides.loc.gov/us-trade-with-china

[2] https://en.m.wikipedia.org/wiki/United_States_energy_indepen...

Oil is what matters less here. And the event itself is not that important in isolation. But as part of a larger trend of events it is completely different story. The US can’t finance its debt neither keep their massive trade debts without a healthy global appetite for the dollar. American companies can’t achieve their massive competitive advantages by outsourcing a lot of production to China and paying with green YOUs unless the world keeps trading between themselves using those green YOUs. This won’t happen overnight because the major exporters in the world are sitting on mountains of USD denominated treasury bonds and it is not on their interests to see those mountains of assets turning into dust. But the trend is clear.