"Iran and the Oil Bourse"'

"There are two major petroleum bourses; the New York Mercantile Exchange (NYMEX) in New York City, and the International Petroleum Exchange (IPE) in London & Atlanta. Both bourses are controlled by US corporations (NYMEX is actually owned by a conglomerate including BP, Goldman Sachs and Morgan Stanley).

On March 20 Iran is moving full speed with a competing market, the International Oil Bourse (IOB) - also called the Kish Bourse because Iran's trading center is located on Kish Island off southern Iran. Kish was selected because it had been previously designated as Iran's free trade zone."

Iran is, in short, challenging Anglo-American energy/corporate banking domination of the international oil trade by attempting to supplant the US greenback as the only standard by which world oil prices are fixed. Iran is breaking the US corporate monopoly. Pretty slick?


All it wold take for Iran to seriously challenge American oil hegemony are customers that Washington would be hesitant to pick a fight with - and Iran already has a big one, China.


a must read.........from auburn journal...