[SoothSayer]

Probably a dumb question:

The non-US world needs more & more oil ... and the USA is a huge consumer.

Would external moves to devalue the dollar make it easier for non-US countries to afford oil?

Or is the situation way more complex than that?

[UIUCstudent01]

Impossible.

The dollar decline is being managed. So, maybe, there were negotiations about this whole 25% of the world's oil usage...

[Micki]

This has been discussed in a few other threads so do a searchg for some more postings.

Personally I think Yes.
The risk is however that too dramatically tanking dollar leads to global depression, in which case people won't have money to pay for petrol even if it is cheap.
But let's for arguments sake say that US tanks, we get a global recession that the rest of the world recovers from, then a 30-50% drop in US consumption could have a significant impact.

The concept of peak oil however means that we will eventually hit a point in time when production can't keep up with deman. All a demand drop can do is to postpone it.