This is a bit of popular myth on sites like this but isn't supported by economists, historians or people in finance. The total volume of oil trade is small fraction of total global trade or capital flows.
Like I said, the USD is the reserve partly because it's beneficial to these surplus economies to have somebody else holding the bags, but also because there aren't viable alternatives because anybody else who can do it dosen't want to. And given there are 180^180 possible exchanges, a reserve currency will exist for practical reasons.
>I don't actually think there's any law of nature that reserve currency status == de-industrialization.
A currency that assumes reserve currency status will strengthen due to increased demand, thus making their exports more expensive and thus uncompetitive on the international stage. Which is incompatible with the export-driven strategies of the EU, China or Japan, all the main contenders for alternative reserve currencies. If you look at the behaviour of their central banks, when they receive capital inflows, they in turn buy assets elsewhere to offset the appreciation to maintain the value of their currency. But the Fed cannot and dosen't do that.