Nominally.
The biggest problem as I see it is that oil has had a somewhat traditional ration to gold.
Usually, in the neighborhood of ten to fifteen barrels of oil per ounce of gold.
If gold was to rise spectacularly against the dollar (or any other currency of high oil consuming countries), the Arabs are likely to adjust the price of oil to reflect the price of gold.
So if gold went to, say $3000 an ounce, well, you do the math!
“...the Arabs are likely to adjust the price of oil to reflect the price of gold.”
Well, if that happens, I’ll simply adjust my salary to cover the higher price of oil.
While the Arabs would love to control the price of oil, they also have to deal with market forces....and arbitrarily raising the price of their oil will dry up demand for their oil and for oil in general (i.e., people will use less, they will use more natural gas, etc.).
As to whether the price of oil will go up in proportion to gold...I agree, but not because of the Arabs, but rather because EVERYONE is printing money while no one is ‘printing’ oil.