Iran- 2nd largest oil producer is denominating oil in Euros. What effect will this have on gasoline prices in the U.S?

Iran- 2nd largest oil producer is denominating oil in Euros. What effect will this have on gasoline prices in the U. S Got this off the French press this afternoon.

Iran is droping dollar usuage to 15%, and eventually zero. Iran is now selling 85% of it's oil in the NON-DOLLAR currencies..This could lead to higher gasoline prices, as the U.S. will have to buy Euros first to buy Irans oil..The dollar is falling against the Euro. Asked by kymlor 55 months ago Similar Questions: Iran 2nd largest oil producer denominating Euros effect gasoline prices Recent Questions About: Iran 2nd largest oil producer denominating Euros effect gasoline prices Environment > Energy.

Similar Questions: Iran 2nd largest oil producer denominating Euros effect gasoline prices Recent Questions About: Iran 2nd largest oil producer denominating Euros effect gasoline prices.

The US does not buy any Iranian Oil. So that won't be a problem Crude Oil and Total Petroleum Imports Top 15 CountriesJuly 2007 Import Highlights: Released on October 2, 2007Monthly data on the origins of crude oil imports in July 2007 has been released and it shows that one country has exported more than 1.50 million barrels per day to the United States. Including that country, a total of four countries exported over 1.00 million barrels per day of crude oil to the United States (see table below).

The top five exporting countries accounted for 68 percent of United States crude oil imports in July while the top ten sources accounted for approximately 86 percent of all U.S. crude oil imports. The top sources of US crude oil imports for July were Canada (1.797 million barrels per day), Mexico (1.469 million barrels per day), Saudi Arabia (1.434 million barrels per day), Venezuela (1.167 million barrels per day), Nigeria (0.890 million barrels per day). The rest of the top ten sources, in order, were Algeria (0.520 million barrels per day), Iraq (0.460 million barrels per day), Angola (0.392 million barrels per day), Colombia (0.207 million barrels per day), and Kuwait (0.197 million barrels per day.

Total crude oil imports averaged 9,902 million barrels per day in July, which is a decrease of (0.081) million barrels per day from July 2007. Canada remained the largest exporter of total petroleum in July, exporting 2.360 million barrels per day to the United States, which was a decrease from last month (2.375 thousand barrels per day). The second largest exporter of total petroleum was Mexico with 1.611 million barrels per day.

Crude Oil Imports (Top 15 Countries)(Thousand Barrels per Day)Country Jul-07 Jun-07 YTD 2007 Jul-06 Jan - July 2007CANADA 1,797 1,873 1,839 1,624 1,742MEXICO 1,469 1,392 1,458 1,561 1,662SAUDI ARABIA 1,434 1,501 1,421 1,264 1,400VENEZUELA 1,167 1,135 1,117 1,191 1,161NIGERIA 890 893 1,002 1,014 1,097ALGERIA 520 504 500 413 314IRAQ 460 573 475 592 553ANGOLA 392 502 542 666 480COLOMBIA 207 143 122 144 165KUWAIT 197 263 196 155 162LIBYA 165 144 81 104 61UNITED KINGDOM 162 127 121 229 146ECUADOR 159 166 189 170 264BRAZIL 147 121 160 187 121EQUATORIAL GUINEA 113 69 64 31 67 Sources: http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/company_level_imports/current/import.html .

If this is true maybe it's time we stop saber rattling. According to our own political and economic systems, Iran can sell what they want to whom they want when they want using any specie they want. It's none of our business.

If we are interested in their resources we need to maintain a decent trading relationship with them. If we feel they are so evil that our delicate sensibilities prevent us from trading with Iran that's a matter of ethics. Then we can't say trading is unethical but going in grabbing oil is ethical.

Maybe I didn't get your point, maybe it's not about the price of oil and our right to have anything we want just because we want it. Maybe you object to the existence of the Euro .

With Russia and China signing monster oil deal with Iran last year they are not going to just let us walk in and take that oil. WWIII? Very possible.

1 The US doesn't buy Iranian oil. However, I expect oil to be generally denominated in Euros in the near future. Oil prices will go up.

Which will drive US use of oil down. That is, as they say, a good thing.

The US doesn't buy Iranian oil. However, I expect oil to be generally denominated in Euros in the near future. Oil prices will go up.

Which will drive US use of oil down. That is, as they say, a good thing.

": No need to get your panties in a bunch. I'm seeking wisdom as to structurally just how high might the price of gasoline at the pump go with the switch from Dollars to Euros? I.E. gasoline cost more in Europe NOW because the Europeans must convert Euros to Dollars to purchase..The exchange transaction costs add to their raw cost..

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.