Yes. THis is true because the Fed reserve can print more USD, and an overseas oil vendor would actually sell the goods in exchange for the said USD. However, you noticed that the Fed reserve hasn't actually produced any actual value/productivity - they merely printed some pieces of paper.
There for, the US gov't (or more correctly, the Fed reserve) can print their way out of debt that they owe to third parties, until those third parties all wise up. But then you got 11 air craft carriers paroling the world, untold number of submarines and missiles, massive air force etc, and if the US gets a whiff that you are no longer denominating your goods (e.g., oil) in USD, you might find yourself being called the axis of evil.
