"Basically, the value of oil produced is a large component to back the value of the $US."




If you want to believe in the petro dollar conspiracy , go right ahead, but it doesn't make any difference if oil is priced in Euros, Yen, or even wheat for that matter, they could all be converted back to the dollar and in the case of FX they can be converted with a keystroke, in a blink of an eye. There is no law that states that oil sellers price in dollars, it can be for whatever they want in Euros, Yaun or yen. 

What matters, is if  the dollar is still the preferred asset among oil sellers, not what unit oil is priced in.

 A fundamental shift in demand for $US due to fewer transactions being conducted in $US will certainly reduce its value. And the will to divest of $US as its value declines would lead to assets being purchased to unload $US which creates inflation. A rush to purchase assets leads to hyper inflation. 
 


That fundamental shift away from the US dollar as the world's currency won't happen overnight, just look to the British pound when it was the world's reserve currency and how long it took before the US dollar supplanted it. The British pound is still a reserve currency, while not to same extent it once was. The Euro and Yen as well as as the chinese yuan are used as well, but not to the same extent as as the US dollar. If the dollar is finally supplanted as the world's reserve currency(which will take along time) by something else, I think we will be just fine.

As far as Hyperinflation goes I wouldn't be holding my breath waiting for that to happen any time soon. The Austrians have been talking about Hyper inflation for a long time, and it appears to me they will have to wait for a long time to come.