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Re: Iran stops accepting U.S. dollars for oil
TEHRAN, December 8 (RIA Novosti) - Iran has stopped selling its oil for U.S. dollars, the Iranian ISNA news agency said on Saturday, citing the country's oil minister.
"In line with a policy of selling crude oil in currencies other than the U.S. dollar, the sale of our country's oil in U.S. dollars has been completely eliminated," ISNA reported Oil Minister Gholamhossein Nozari as saying.
He also said "the dollar is no longer a reliable currency."
Iran is the world's fourth-largest crude oil producer.
At a November summit of Organization of the Petroleum Exporting Countries heads of state, Iran proposed that oil sales be carried for a variety of currencies, excluding dollars, but was not supported by any other members except Venezuela.
Iranian President Mahmoud Ahmadinejad had previously called the U.S. currency a "worthless piece of paper."
2007 has seen a significant fall in the value of the U.S dollar against other major world currencies.
Tensions remain high between Iran and the U.S., which has accused the Islamic Republic of attempting to build a nuclear weapon, as well as providing insistence to insurgents in Iraq.
The U.S. National Intelligence Estimate (NIE), published on Monday, stated that Tehran had put a stop to weapons production in 2003, although it was continuing to enrich uranium.
The report contradicted a previous U.S. intelligence assessment in 2005 which said that Iran was actively pursuing a nuclear bomb.
U.S. President George W. Bush remained hawkish, despite the report, saying on Tuesday that, "Iran was dangerous, Iran is dangerous and Iran will be dangerous if they have the know how to make a nuclear weapon."
When asked if military action remained an option, the president answered, "The best diplomacy - effective diplomacy - is one in which all options are on the table."
- Gunslinger
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Re: Iran stops accepting U.S. dollars for oil
This is very disturbing news. I hope it isn't a trend in the works but fear it could be. This is basically an act of sanctions being put on the United States but unfortunately too many people will lack the intellect to realize this. If others continue to support this idea we could be in serious trouble alarmingly fast.
Re: Iran stops accepting U.S. dollars for oil
It'll come back around, like always, and then we'll be in position of power again. They should enjoy it while it lasts.
Its too far gone. There's no going back. The dollar lost too much value in a short time frame and the world is starting to abandon it as the main currency.
The dollar lost almost 60% of its value on Bush's watch, and is currently losing a penny of its value every three weeks. At that rate, it will be worth as much as monopoly money by the time he leaves office.
Something has to be done, and tax cuts, massive spending bills, and war is not the solution.
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