Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

General Discussion

RobertEarl

(13,685 posts)

17. Oil is valued in dollars

Reply to Octafish (Original post)

Fri Mar 7, 2014, 05:51 AM

Mar 2014

Last edited Fri Mar 7, 2014, 06:32 AM - Edit history (1)

Oil is sold in most markets using the US dollar.

What that does is makes the dollar very important and ensures its value is kept high.

A bit of history: Saddam had proposed selling Iraqi oil in Euros only. Instead of taking dollars in trade for the oil in his control, he desired that only Euros would be acceptable.

Gaddafi, just before he met his end, had proposed Africa develop an African currency which would eventually be the only acceptable trade currency for African oil.

Makes ya wonder, eh?

Edit history

Please sign in to view edit histories.

24 replies

= new reply since forum marked as read

Highlight:

Big Oil, Big Loser As Russia Meddles [View all] Octafish Mar 2014 OP

Same reason Japan was ready to take us to the brink of WW II! SharonAnn Mar 2014 #1

Ja. Remember ''The Sand Pebbles''? Octafish Mar 2014 #3

Nice To See Mention Of That Long Forgotten Bit Of History, Sir The Magistrate Mar 2014 #6

"Dear Vlad, The #Arab Spring is coming to a neighbourhood near you." Catherina Mar 2014 #2

McCain rotted in Hanoi Hilton for...Big Oil. Octafish Mar 2014 #4

Ugly, ugly stuff Catherina Mar 2014 #5

Kick for this ugly truth. Scuba Mar 2014 #7

The nice man on NPR said Fracking was helping America's gas producers... Octafish Mar 2014 #12

Big Oil, and Big Banks (IMF) is WHY we went to Iraq, bvar22 Mar 2014 #8

+1000000000000000 nt. polly7 Mar 2014 #9

+1000000000 woo me with science Mar 2014 #11

NATO is the US arm of supplying arms and funding to terrorists frwrfpos Mar 2014 #20

Exactly! bvar22 Mar 2014 #21

A bit of history (that you & others know already) less than 2 weeks before 9/11 there was the filing bobthedrummer Mar 2014 #10

Two percent of the oil flowing through the Keystone Pipeline will leak Samantha Mar 2014 #13

2% of the oil in pipeline will leak? I highly doubt that. Pretzel_Warrior Mar 2014 #15

Vietnam was about oil? Interesting take. Pretzel_Warrior Mar 2014 #14

Of course it's all about oil - this sank like a stone malaise Mar 2014 #16

Oil is valued in dollars RobertEarl Mar 2014 #17

It's the entitlements I tells ya! Enthusiast Mar 2014 #18

kicking this thread frwrfpos Mar 2014 #19

Kick + March 6, 2014 US Department of Defense Contracts bobthedrummer Mar 2014 #22

Who still believes in the invisible hand of the free market? Kick. n/t bobthedrummer Mar 2014 #23

Pipelines CAN cross Turkey. Former Sec. Gates is recommending this. HereSince1628 Mar 2014 #24