From Reuters via Yahoo News:
The market is full of oil and the rising price trend is “fake and imposed,” Iran’s president said on Tuesday, partly blaming a weak U.S. dollar which he said was being pushed lower on purpose.“At a time when the growth of consumption is lower than the growth of production and the market is full of oil, prices are rising and this trend is completely fake and imposed,” President Mahmoud Ahmadinejad said in a televised speech.
“It is very clear that visible and invisible hands are controlling prices in a fake way with political and economic aims,” he said when opening a meeting of the OPEC Fund for International Development in the central Iranian city of Isfahan.
Iran, the world’s fourth-largest oil exporter, has repeatedly said the market is well-supplied with crude and blames rising prices on speculation, a weak U.S. currency and geopolitical factors.
“As you know the decrease in the dollar’s value and the increase in energy prices are two sides of the same coin which are being introduced as factors behind the recent instability,” Ahmadinejad said.
With record oil company profits and a sinking world economy, do we need any more proof than Ahmadinejad’s statement to know that we are being manipulated by the oil men?
Bush and Cheney created the instability in the Middle East with their illegal invasion of Iraq. They keep it going with their threats against Iran.
Iran’s nuclear program isn’t a threat. It is this:
Ahmadinejad reiterated his view that oil should be sold in a basket of currencies rather than U.S. dollars, an idea which has failed to win over other OPEC members, except Venezuela.
“The ever-increasing decrease in the dollar’s value is one of the world’s major problems,” he said.
“A combination of the world’s valid currencies should become a basis for oil transactions or (OPEC) member countries should determine a new currency for oil transactions,” he said.
Iran, embroiled in a standoff with the West over its nuclear program, has for more than two years been increasing its sales of oil for currencies other than the dollar, saying the weak U.S. currency is eroding its purchasing power.
Ahmadinejad, who in the past has called the dollar a “worthless piece of paper,” suggested “some big powers” were driving it lower on purpose:
“The planners for some big powers are acting to decrease the dollar’s value,” he said. “For years they imposed inflation and their own economic problems to other nations by injecting the dollar without any support to the global economy.”
Now the dollar is sinking, and Ahmadinejad’s advice is logical, but except for Venezuela, OPEC nations have resisted the change. As the U.S. economy edges closer to free fall, how long will those countries keep propping up the greenback?
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