Petro-Euro: A reality or distant nightmare for the U.S.?
In the current ‘crisis’ over Iran’s plans to develop nuclear technology, the real reason for open U.S. hostility towards Iran is often over-looked. For the past few years, Iran has been planning to open its own oil exchange — the Iranian Oil Bourse (IOB) — with the alleged goal of becoming the dominant centre of the Middle East oil trade.What will make the proposed IOB different is that it has stated that it will trade in Euros not Dollars.
The debate over the ultimate financial impact of trading oil in Euros rather than dollars is a complex one, but according to many experts, such a move could lead to a collapse in value for the American currency, potentially putting the U.S. economy in its greatest crisis since the depression era of the 1930s. The IOB has been on Iran's agenda for quite some time and different dates have informally been announced for its opening, all which have been quietly dropped as the deadline neared. The question is whether Iran wishes to have the nuclear issue resolved before taking on the US Dollar in the IOB or whether Iran has been intimidated by U.S. pressure and threats of possible nuclear strikes and decided to postpone the IOB indefinitely.
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