The original justification for the creation of another central bank did not allude to the modern goals of “full employment” and “price stability.” Rather, the pleas of the time called for an “elastic currency” that would expand or contract according to the “needs of trade.”
After decades of Cold War spending, the US had to find a way to keep its massive war budgets and domestic spending going without ruining the dollar. Controlling the flow of dollars spent on oil turned out to be a fix.
Private ownership of the means of production is the fundamental institution of the market economy. It is the institution the presence of which characterizes the market economy as such. Where it is absent, there is no question of a market economy.
If oil prices remain at a sustained high due to a war with Iran, it would mean a higher cost of living for most Americans, but it could help certain regions and populations within the US, such as oil-producing states like Texas and Oklahoma.