some good stuff about the petrodollar here.......read between the lines..........from nytimes.........
"The dollar is here to stay, at least as far as pricing in oil markets is concerned.
Technical factors suggest there would be significant upheaval after any shift from the dollar. The main benchmark oil contracts — light sweet crude traded on the New York Mercantile Exchange and the Brent contract traded at ICE Futures Europe in London — are quoted in dollars, as are the other important commodities contracts globally like gold, copper and wheat. When the Dubai Mercantile Exchange introduced its DME Oman Crude Oil Futures Contract in 2007, the price was — naturally — in dollars per barrel"..............READ MORE
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