Oil as an instrument to support the currency of nations

Like gold, oil is a commodity of high and permanent value in the modern world. For that reason, I believe that, like gold, oil can be used as a reserve instrument to support the value of the currencies of nations.

Since 1996, I have proposed creating a new currency in Venezuela, called the Bolívar Oro, which would have support in two tangible assets, gold and oil. The Bolívar Oro would therefore not be a fiduciary currency but a representative currency based on two real riches, gold and oil. To that end, an oil reserve would be created whose monetary value would be used exclusively to support the new currency, the Bolívar Oro. It would be a reserve similar to the strategic oil reserves existing in other countries such as the United States, Japan, Spain and China, but in the the case of the Venezuelan reserve would have the essential purpose of serving as a support for its new currency.

The use of the value of oil as an alternative instrument for the support of the currencies of nations opens a new perspective and expands the possibilities of nations to sustain the value of their currencies.