Fighting For The Mighty US Dollar

William R. Clark writes about Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse:

Iran is about to commit a far greater 'offense' than Saddam Hussein's conversion to the euro for Iraq's oil exports in the fall of 2000. Beginning in March 2006, the Tehran government has plans to begin competing with New York's NYMEX and London's IPE with respect to international oil trades - using a euro-based international oil-trading mechanism. The proposed Iranian oil bourse signifies that without some sort of US intervention, the euro is going to establish a firm foothold in the international oil trade. Given U.S. debt levels and the stated neoconservative project of U.S. global domination, Tehran's objective constitutes an obvious encroachment on dollar supremacy in the crucial international oil market.