Iran Stops Selling Oil in US Dollars

Here’s an interesting story I found while trolling ‘alternative media’ online recently:

TEHRAN (Reuters) – Iran has completely stopped selling any of its oil for U.S. dollars, an Iranian news agency reported on Saturday, citing the oil minister of the world’s fourth-largest crude producer.

The ISNA news agency did not give a direct quote from Oil Minister Gholamhossein Nozari. A senior oil official last month said “nearly all” of Iran’s crude oil sales were now being paid for in non-U.S. currencies.

Nozari told ISNA: “In regards to the decrease in the dollar’s value and the loss exporters of crude oil have endured from this trend, the dollar is no longer a reliable currency.”

I don’t recall seeing anything about this on CNN, FOX News or any other major US news outlet, did you? Some may not think this is a big story since the USA probably doesn’t buy much (if any) oil directly from Iran. I think it’s important because it’s one of the first cracks in the dam for the petrodollar. The US Dollar is the world’s reserve currency in part because it’s the main currency used to purchase oil worldwide (this is kind of a chicken & egg problem for some folks). The subsequent international demand for dollars has allowed us to generate massive amounts of paper money and run up huge deficits that otherwise would have been foolhardy if not impossible to create.

Any move to another currency could have major implications for the economic health of the USA. This is why any time a large exporter of oil has looked to move to another currency for oil sales (see: Iraq, Iran), the US has acted to try and prevent that from happening.

Mass media serves up plenty about the housing mess along with all the Hollywood & sports gossip we can handle and then some. But some stories that have major implications for our future are buried or ignored if possible. Burying unwanted news has become easier in the last generation with the consolidation of the media that has taken place since the 1980’s. I try to get my information from a pretty wide selection of news sources that span both the globe and the political spectrum for this reason.

A site you may find interesting for such buried stories is Project Censored. Their bias is towards the left end of things, but even so the information contained there is worth some time. Some of the items listed there you’ll have heard before, but I’m sure everyone will find at least a few things.

 

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