We do though. The Nigeria can not buy oil from Saudi Arabia for any currency other than U.S. dollars. So if Nigeria doesn't have dollars, the easiest way to get them is to sell goods to the US for dollars, and then use those dollars to buy oil.
Also, Henry Kissinger went to Saudi Arabia in 1973, and we made a deal with them that they will not sell oil for any other currency other than dollars, and we will make sure the Sauds stay in power in the region and in their kingdom.
This is one way the U.S. holds it's hegemony over the world.
Omniwing t1_jegfdzd wrote
Reply to comment by ejpierle in ELI5: why does the US need the dollar to be the only primary form of currency for oil? by aresyves
We do though. The Nigeria can not buy oil from Saudi Arabia for any currency other than U.S. dollars. So if Nigeria doesn't have dollars, the easiest way to get them is to sell goods to the US for dollars, and then use those dollars to buy oil.
Also, Henry Kissinger went to Saudi Arabia in 1973, and we made a deal with them that they will not sell oil for any other currency other than dollars, and we will make sure the Sauds stay in power in the region and in their kingdom.
This is one way the U.S. holds it's hegemony over the world.