OPEC Interested in Non-Dollar Currency

My friend reads the turkish papers and he said they said that was the main reason we invaded iraq because saddam wanted it be euros no longer dollars.

There are got to be an underlying aura of "anti US" in Ahmadinejad's speech - he's just throwing back the verbal bs he's getting from the US govt.

Dismissing all of that - the International Oil Bourse (OIB) has already been constructed and remains unoccupied. The current OPEC summit has prob raised the potential of petro trading in other currencies more of a possibility now and, as quoted in the article, OPEC finance ministers will revue that policy. Tho doubt there would be any interest in dramatic change where that could cause serious damage not only to the dollar, but have ripple effects elsewhere.

They have been talking about switching to the Euro for some time now. That will not be good for the US economy.

Maybe if this happens the government will wake the fuck up and starting push to get the us totally off oil within 5 yrs. It would beat having to suck these shitheads cocks.

Five years is kinda short time Tony But sure, it would make a vast difference in economic terms to consume less oil. Easier said than done, but a reduction of oil usage of around 40% would bring this more in line with most western industrialized countries - and save one hell of a lot of money.

Ironically OPEC are not getting "extra money" because of the near $100 level - all they do is contol the availability and this seems fairly stable. If it was not for financial hedging and game-playing, chances are oil would be around $60 at the moment.

The government, through the Pentagon, jeopardized US easy access to cheap oil reserves. Now we have limited access to expensive oil.

Iranians, Africans, Venezuelans, Russians, Kuwaitis, Emiratis prefer selling their oil to Japanese, Chinese and Europeans.

Canadians still sell to the US, but for how long? They made no secret of their ambition to become a major China supplier.

Correct.

Which is why the DOD is now investing a mint in new fuel alternatives.

DOD is the U.S.'s largest single consumer. Once they price had gotten over $70, they started researching, and doing major investment in alternatives.

Once the DOD makes the change or moves in that direction. It's only a matter of time for the country and military machine's influence on policy.

Not Oil, But Dollars vs. Euros
Geoffrey Heard writes about the real reasons for the Iraq war.

by Geoffrey Heard

Why is George Bush so hell bent on war with Iraq? Why does his administration reject every positive Iraqi move? It all makes sense when you consider the economic implications for the USA of not going to war with Iraq. The war in Iraq is actually the US and Europe going head to head on economic leadership of the world.

America's Bush administration has been caught in outright lies, gross exaggerations and incredible inaccuracies as it trotted out its litany of paper thin excuses for making war on Iraq. Along with its two supporters, Britain and Australia, it has shifted its ground and reversed its position with a barefaced contempt for its audience. It has manipulated information, deceived by commission and omission and frantically "bought" UN votes with billion dollar bribes.

Faced with the failure of gaining UN Security Council support for invading Iraq, the USA has threatened to invade without authorisation. It would act in breach of the UN's very constitution to allegedly enforced UN resolutions.

It is plain bizarre. Where does this desperation for war come from?

There are many things driving President Bush and his administration to invade Iraq, unseat Saddam Hussein and take over the country. But the biggest one is hidden and very, very simple. It is about the currency used to trade oil and consequently, who will dominate the world economically, in the foreseeable future -- the USA or the European Union.

Iraq is a European Union beachhead in that confrontation. America had a monopoly on the oil trade, with the US dollar being the fiat currency, but Iraq broke ranks in 1999, started to trade oil in the EU's euros, and profited. If America invades Iraq and takes over, it will hurl the EU and its euro back into the sea and make America's position as the dominant economic power in the world all but impregnable.

It is the biggest grab for world power in modern times.

America's allies in the invasion, Britain and Australia, are betting America will win and that they will get some trickle-down benefits for jumping on to the US bandwagon.

Complete Story

I thought the ECB indicated they aren't interested in handling euro currency oil trading?

You mean Bush's pals the Saudi's?

Not sure specifically on oil - they have indicated they have no interest in making the Euro a reserve currency.

Iran has wanted to sell oil for Euros for a very long time. This is nothing new.

If you think Ahmadinejad is a credible source for anything you need serious help.

Bullshit.