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Iran stops conducting oil transactions in dollars


Last Edited: May 1, 2008, 7:03 pm

The plan of this was actually announced... what? two years ago?

Did your "mainstream" media clue you in? Or were they busy distracting you with garbage?


Iran, OPEC's second-largest producer, has completely stopped conducting oil transactions in US dollars, a top Oil Ministry official said Wednesday, a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and suspected involvement in Iraq.

Iran has dramatically reduced dependence on the dollar over the past year in the face of increasing US pressure on its financial system and the fall in the value of the American currency.

Oil is priced in US dollars on the world market, and the currency's depreciation has concerned producers because it has contributed to rising crude prices and eroded the value of their dollar reserves. "The dollar has totally been removed from Iran's oil transactions," Oil Ministry official Hojjatollah Ghanimifard told state-run television Wednesday. "We have agreed with all of our crude oil customers to do our transactions in non-dollar currencies."

Iranian President Mahmoud Ahmadinejad called the depreciating dollar a "worthless piece of paper" at a rare summit last year in Saudi Arabia attended by state leaders from the Organization of Petroleum Exporting Countries. Iran put pressure on other OPEC countries at the meeting to price oil in a basket of currencies, but it has not been able to generate support from fellow members -- many of whom, including Saudi Arabia, are staunch US allies.

Nah, it must be propaganda. Everyone knows the dollar is as strong as ever. Who would turn it away?

"Vicious lies by foreign media!!"... you hope (or maybe that shoud be "mope")

Entry #97


jarasanComment by jarasan - May 2, 2008, 3:01 pm
Who gives a $h1+ what that liitle twerp says? Even Hillary is ready to drop the hammer on the punk. I love the smell of hot melted sand in the morning. If rantings by this moron scare you, and you believe the dollar is worthless, you might consider moving to Iran or France where things are just rosie and a person can start over and begin an exciting new life in either one of those vibrant economies.
time*treatComment by time*treat - May 2, 2008, 11:37 pm
Non-sequiturs & non-solutions.
Rick GComment by Rick G - May 3, 2008, 7:50 am
That "little twerp" is sitting on the most valuable commodity on the planet...oil. When that commodity begins to be traded in non-dollars, you will give a $h1+. When we bomb Iran's ACTIVE nuclear power plants and render the region uninhabitable for 2000 years, you will give a $h1+ as you bicycle the twenty mile commute to work in the morning. That is if you still have a job to bicycle to.
jarasanComment by jarasan - May 3, 2008, 11:05 am
Oil is not the most valuable commodity on this planet, that is matter of opinion, it is important but not the most valuable. Some say air, water, time, gold, platinum, U235, etc.. But in the case of the little twerp, the most valuable commodity is ignorance, Mahmoud and his ilk are in the business of ignorance, they are in it to keep the people of these countries ignorant and imprisoned as long as possible, and the only thing they have that keeps them propped up is the money from the oil, please show me something that says "made in Iran". They can't even drill for oil on their own, there will be a time when oil is no longer a "valuable" commodity. By the way we get no oil from the little twerp, the only thing we get from the little twerp is his megamanical rants of 5u11$h1+ and non-sequitors. And as far as solutions go, lobby your congressman to remove the ban on new refineries, uniform gas standards across the world, conserve, think before you drive, open up drilling, nuclear power, wind power, turn off all computers, stop breathing, don't eat, don't work..........

P.S. I love my bicycles, they are made in the USA, they have air in the tires a valuable commodity according to some groups. No air no bicycle, those solid tires make for a very hard ride, gotta have the air.
Rick GComment by Rick G - May 3, 2008, 2:04 pm
True, oil is not the most valuable commodity on the planet...breathable air, fresh water and food are.

But even John McCain knows what this and future wars in the area are all about. (Hint: it's not terrorism.)

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