Tune Out OPEC's Bad Boys

Furthermore, futures markets like the New York Mercantile Exchange and the Intercontinental Exchange trade crude oil in dollars, so oil would retain a strong bond to the U.S. dollar even if OPEC was to distance itself from it.

"The only difference between holding dollars and holding euros is where you can go shopping once you are paid," said Jim Williams, energy economist at WTRG Economics. "Although Iran and Venezuela are making a big deal of this, the currency that OPEC prices its oil at doesn't matter very much in the grand scheme of things."

A redenomination out of the dollar would have virtually no affect on integrated oil companies like Exxon Mobil (XOM Quote), BP (BP Quote) or Royal Dutch Shell (RDS.A Quote), according to Knapp. This breed of companies has so much international exposure that they are well versed in dealing with foreign banks and currencies.

Most analysts believe that the true motive behind the redenomination effort is political. The U.S. has been involved in ongoing high-profile feuds with Iran over an alleged nuclear weapons program and with Venezuela over internal policies that appear undemocratic. In turn, Iran and Venezuela have been doing everything they can to undermine the U.S.'s dominant position on the economic and political stage.

According to Baker, the primary consequence of a redenomination of oil out of the U.S. dollar would be a symbolic slap in the face. Still, the secondary effects of this could have lasting consequences for the U.S.

For one, the U.S. is a net importer for the world economy, with massive dollar outflows traveling to the countries that make the products Americans use in their daily lives. These dollars are often invested in U.S. securities like Treasury bonds.