More that thirty years ago, Nixon decided not to have any more the convertible currency Dollar-Gold and made the dollar has no standard to support it. Since then, the dollar became a paper with no support.
Since the appearance of the euro, in the year 2002, it hasn’t stopped gaining ground, the increase of the value of the euro in front of the actual dollar is indicating that the cost of life is even higher in Europe. Actually the power of the actual dollar is based on the militar power and on the ability of the United Stated of issueing reference currency to any international transaction.
The actual dollar has been devaluated in the last years regarding to other international foreign currencies. American authorities saw what could happen to the dollar in 2001, after the attack to the Twin Towers when the war against the Middle East started. In 2003 Jeffrey Frankel (Economist and professor of the Harvard University, and ex adviser of the ex president Bill Clinton), foreseeing what could happen to the actual dollar decided to fix the weak dollar to the crude value.
Basically the proposal was to fix foreign currencies, in this case to the actual dollar with some product (exports), or crude materials in this case crude. This proposal is not very different to what happened in 1944 when Bretton Woods arrangement established the Gold Standard, until August 15th 1971, date on which the dollar began to float free.
If they carry out the idea of Jeffrey Frankel, they would give the actual dollar a support more than enought for the American currency to become appreciated as the crude price will continue raising in these last years.