"My point is that the global oil trade has, to very large extent, underpinned the relative values and the relationship between the world’s fiat currencies. It has also underpinned the economic power of the US in various ways including the fact that many nations buy US govt. bonds to hold as reserves. So! What happens to that system when virtually nobody is buying or refining crude oil anymore and everybody is driving electric vehicles?"
https://www.taxresearch.org.uk/Blog/2019/01/05/the-green-new-deal-and-the-demise-of-the-petrodollar/