ISRAEL & THE IRANIAN OIL BOURSE REALITY

Soon after the invasion of Iraq by the United States and Britain, the Bush administration re-converted Iraq’s oil transaction currency back to the U.S. petrodollar. Iraq under Saddam Hussein in the year 2000 required that euros be used as payment for its oil sales. This conversion by Iraq was an underlying reason for the invasion by the United States; Saddam Hussein established a dangerous precedent that threatened the monopoly of the petrodollar which had the potential to destabilize the U.S. dollar.

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