Archive for the ‘penalties’ Category

Oil greasing dollar’s skid

November 22, 2007

By Patrice Hill
The Washington Times
November 22, 2007

While Washington pushes economic sanctions on Iran, Iran is pushing back with some economic penalties of its own that are helping to drive the price of oil toward a record $100 a barrel.

The radical Middle Eastern state, joined by Venezuela and Ecuador — the newest OPEC member, which is pushing the oil cartel further toward the radical camp — succeeded last weekend in persuading a majority of OPEC members to study its proposal to discard the link between oil and the dollar.

Any move by the Organization of Petroleum Exporting Countries, which produces 40 percent of the world’s oil, to price oil in currencies other than the dollar would be an unwelcome development for the U.S., analysts say.

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