Quote:
Originally Posted by borked
Will oil ever start trading in Euro? If it does, and the Euro becomes stronger, then Opec will decide to switch trading to Euro.
On THAT day, the USA will become a crippled monkey.
You know after the first Iraw war, Saddam Hussein traded all Iraqi oil in Euro, refusing to trade in $. Ignoring the fact that that hurt the US quite a bit, but it made for an emergency Opec meeting in Spain ('93 or '94 I think), but it was decided to stay on the $.
Why doesn't the UK join teh Euro? Fuck what Gordan Brown bullshits about the 5 points or whatever it is - if the UK joins the Euro, then it will be under strong pressure to trade North Sea Oil in Euro, thus tipping the balance a little bit more to global Euro Oil.
I personally believe Iraq was about oil, but not control over the oil fields, but their trading currency.
Oh look, Iraqi oil switched back to trading in $ last August....
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Don't you understand there's plenty of oil in the US but they cap the wells
until the price is too high.
All the Gov't has to do is cut off all tax breaks to the oil companies unless they start pumping and prices won't be Hurt by the euro.
The US also has technology that can replace oil pretty fast if the market demands it so don't think oil will be the downfall of the USA !