Thread: Iran stops selling oil in dollars

Iran stops selling oil in dollars
Tehran moves closer to confrontation with U.S.
Posted: December 8, 2007
12:46 p.m. Eastern
By Jerome R. Corsi
© 2007 WorldNetDaily.com

Iran today announced a decision to end all oil sales in dollar transactions, moving one step closer to confrontation with the United States.

Iranian oil minister Gholam Hussein Nozari told the press the dollar is not considered a trustworthy currency any more, considering dollar depreciation and the dollar losses experienced by crude-oil exporting countries, according to a report published Saturday by the Iranian Student News Agency, or ISNA, in Tehran.

Nozari also strongly suggested OPEC should move to a trustworthy currency to stop the loss of oil exporting countries, according to the ISNA report.

OPEC's next meeting is scheduled for Feb. 2 in Vienna.

Iran currently has a proposal before OPEC recommending that OPEC oil-exporting countries move to sell oil in a basket of currencies, rather than dollars.

Nozari also told the ISNA that Iran plans to fulfill the Sinopec Chinese Company's recent request to purchase more Iranian oil.

In April, WND reported Iran successfully pressured China to begin paying for Iranian oil in euros, not dollars.

At the Abu Dhabi summit last week, OPEC decided not to increase production, concluding there is currently enough oil in world supplies to handle winter demand.

Iran is the world's fourth largest producer of oil, producing 4.1 million barrels of oil per day.

WND previously reported Iran and Venezuela have joined forces in an effort to undermine the U.S. dollar.

In October 2005, Venezuelan President Hugo Chavez announced that Venezuela was ready to move the country's foreign exchange holdings out of the dollar and into the euro. He also called for the creation of a South American central bank designed to hold in euros all the foreign exchange holdings of the participating countries.

WND also reported Iran is seriously considering establishing an Iranian Oil Bourse (or Iranian Oil Exchange) with the goal of establishing competition with the New York Mercantile Exchange, NYMEX, and London's International Petroleum Exchange, or IPE.

http://worldnetdaily.com/news/article.a ... E_ID=59109

If this actually happens oil prices will most likely breach $100 a barrel and gas prices will skyrocket. Our dependence on fossil fuel is still long term and until we can come up with an alternative we must start tapping into our own recourses to keep our economy and transportation system intact. China will gladly take Iran's reserves and use the benefit to export more crap into the U.S.A Our only alternative is to start tapping into our resources and our huge oil reserves. If we do this we may be able to keep fuel prices below $5.00 gal and Oil Companies yearly profits at about 80 billion.

From all I have heard, we have oil in this country, we just haven't been using it. I believe it is true.

OPEC mentioned this some years back, and Saddam had threatened to sell his oil in Euros when sanctions were lifted.

Chavez would love to, Mexico would probably go along (they may already be threatening to do it).

Our government has done everything it can to bring this country down and they may just have achieved it.

I wonder if the reversal of 'intelligence' regarding Iran's nuclear capabilities was an attempt to stave off this????