is the dollar still being used for the purchase price of oil

**The dollar remains the dominant currency for pricing and settling oil transactions.** Here's the rationale behind this conclusion:

1. **Historical Continuity**: The petrodollar system, established in the 1970s, continues to influence the global oil market. Despite some fluctuations, the dollar's role as the primary currency for oil transactions persists.
2. **Market Convenience**: The scale, liquidity, and stability of the US financial markets make them more convenient for oil producers and consumers than alternative currencies. This convenience leads to the continued use of dollars in oil transactions.
3. **Political and Economic Interests**: The US, as the world's largest economy and a significant oil consumer, has a vested interest in maintaining the dollar's dominance in oil markets. This includes the use of dollars for pricing and settlement.
4. **International Acceptance**: Major oil-exporting countries, such as Saudi Arabia, have historically accepted dollars for their oil exports due to the US's role as a leading customer and the stability of the US economy.
5. **Lack of Alternative**: No other currency has gained significant traction as a replacement for the dollar in oil transactions. While there is some decentralization in the oil market, with cryptocurrencies like Bitcoin being explored, the dollar remains the dominant choice.

In summary, the dollar's role in the global oil market remains strong due to historical continuity, market convenience, political and economic interests, international acceptance, and the lack of a viable alternative.