OPEC will study the weak U.S. dollar's effect on the oil cartel's earnings and investigate the possibility of a currency basket, Iran's oil minister said Sunday.
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Iran and Venezuela have been pressuring OPEC to study the effect of the falling dollar. But the suggestions were met with resistance from other OPEC members, including Saudi Arabia's foreign minister, who warned Friday that even talking publicly about the currency's decline could further hurt its value.
I didn't know what a currency basket was until I just now looked it up. The basic idea here is (I think) that OPEC wants to drop the dollar as their standard for the price of a barrel of oil and replace it with a price that reflects several currencies.
How much longer are we going to submit to being bullied for fuel? I love it when I get e-mails from so-called conservatives who are proud -- boastful -- of their massive oil and gas consumption. Odd that they don't mind bashing Sheehan, Belafonte or Spacey for meeting with Chavez, but they'll gladly give him money in exchange for oil. You know, because they're patriotic middle Americans and all.