Reply #49: This may be a permanent trend down (not cyclical) for U.S.

[ozone_man]

I think we're seeing the end of the American empire unfolding. The loss of dollar as the world's currency is one sign.

But your original post seems not relevant. The oil demand is not the reason that Venezuela is switching to euros.

CARACAS (AFP) - Venezuelan state oil giant PDVSA has decided to sign some oil contracts in euros in the face of a plummeting dollar, local media reported, citing officials.

It's the falling dollar. Also, I think they have other problems with U.S. intervention and imperialism that is part of the decision.

Oil demand will raise the price of oil, but not cause producers to switch currencies. They are switching because they want to be paid in a strong, reliable currency, something that the dollar is no longer. Our banks are failing and being bailed out by the FED. Not a good sign.