VIRII said:I'm not sure that the US would go down the toilet as such but certainly it would have a major affect on the value of the dollar. It would make American exports relatively very cheap but it would also mean things they imported were very expensive. It could be "the making" of America as they would have to become something of a net exporter.
The consequences are debatable but I personally think they would be catastrophic for the US. Their trade deficit is gargantuan and without the rest of the world buying dollars to buy oil, the dollar would collapse and the US would have hyper inflation.
Note also which other countries want to trade oil in euros - countries like Iran and N. Korea - and US foreign policy suddenly becomes clear.