When you have a fiat, unbacked currency and Federal Reserve to support unlimited government debt - every progressive, leftist social-engineering scheme is possible.
It needs one more thing than that: without the Petrodollar the whole thing collapses in on itself.
... well, at least quicker....
The Petrodollar is how we keep the proverbial canarys in the overloaded cargo plane flying. It lets the Dollar be a stronger drowning man among all the other fiat monies, which are all by their natures gonna be drowning men too, rather than the sinker it should be.