What the Iran ‘nuclear issue’ is really about

In this letter I pointed out that the structure of global oil markets massively favors intermediary traders and particularly investment banks, and that both consumers and producers such as Iran are adversely affected by this. I recommended that Iran consider as a matter of urgency the creation of a Middle Eastern energy exchange, and particularly a new Persian Gulf benchmark oil price.

It is therefore with wry amusement that I have seen a myth being widely propagated on the Internet that the genesis of this “Iran bourse” project is a wish to subvert the US dollar by denominating oil pricing in euros.

The realpolitik is of course that those in power in the US and Iran have the reason they give – and the real reason – for what they do: and for the US, the real reason is and has been for many years energy security above any other consideration.

ATimes