Thursday, March 23, 2006

Gathering of opinions on Iranian oil bourse issue

A couple weeks ago I posted an editorial by William F. Engdahl on the issue of the proposed Iranian oil bourse.

The main question concerning the formation of an Iranian oil exchange is whether its oil-for-Euros trading mechanism would serve as a blow to the dollar's reserve currency status. In turn, this has caused some observers to suspect the proposed bourse is the driving factor behind US' aggressive campaign for action against Iran.

I though I'd include a few articles on the subject and collect them together in one post. That way, interested readers can review the statements supporting or refuting such a theory, and make up their own minds. Personally, I have no real opinion on the issue, except to say that many of the writers make some interesting points and most come down solidly on one side of the issue.

Here then, are the crucial articles debating or expounding the importance of an Iranian oil bourse. First, the article that really seemed to make the rounds and get the ball rolling again on the issue, Krassimir Petrov's article, "The Proposed Iranian Oil Bourse". This piece seemed to build off the writing of William Clark, whose article suggested the oil bourse would be the reason for war against Iran. The idea that an Iran Oil Bourse was important to the overall "dollar hegemony" enjoyed by the US was also an important theme of Congressman Ron Paul's recent speech before the US House of Representatives.

On the other side of the issue are articles that largely refute the importance of the Iran Oil Bourse. See Engdahl's editorial mentioned above, Chris Cook's response to the Iran issue, and this series of articles posted to an Iranian news site.