> I do think that stopping trade in USD is the biggest reason
This hasn't been a thing since the 1970s. Oil is priced and settled in multiple currencies today, including out of New York and London. America is a net oil exporter. And global oil trading volumes are insignificant compared with other dollar uses.
There are a lot of stupid reasons we're going to war with Venezuela. None of them have to do with dollar hegemony.
> Thats not true. ~85%+ of global oil trade is in USD
What part isn't true? I never said most oil isn't traded in dollars. Just that it's priced and traded in currencies other than dollars on commodities desks in the United States.
In 2019, over 60% of all global trade was dollar denominated [1]. (58% today.) That's $27tn of dollar-denominated export invoices. Globally, oil exports are $1.3tn [2].
The petrodollar hypothesis held in the 1970s. It was becoming irrelevant with the 1980s' trade liberalisation. By 2019 [3] it had become totally irrelevant, both as a rational motivation and as a non-conspiratorial geopolitical talking point.
This hasn't been a thing since the 1970s. Oil is priced and settled in multiple currencies today, including out of New York and London. America is a net oil exporter. And global oil trading volumes are insignificant compared with other dollar uses.
There are a lot of stupid reasons we're going to war with Venezuela. None of them have to do with dollar hegemony.