Could the US institute a new currency standard?

Hypothetically, would it be possible for the United States to institute a new currency standard and move away from the federal reserve?

Could we simply back the dollar with a different precious metal or resource (Oil & Gas, rare earth elements, combination, etc)? We have vast amounts of government owned land and resources to theoretically be extracted.

I am not well educated enough around this topic or the policy changes to understand if this is genuinely impossible or just improbable. I hope you wise folks can educate me.