Putin – Why Not Price Oil In Euros?

President Vladimir Putin said Thursday Russia could switch its trade in oil from dollars to euros, a move that could have far-reaching repercussions for the global balance of power — potentially hurting the U.S. dollar and economy and providing a massive boost to the euro zone.
“We do not rule out that it is possible. That would be interesting for our European partners,” Putin said at a joint news conference with German Chancellor Gerhard Schroeder in the Urals town of Yekaterinburg, where the two leaders conducted two-day talks …

… Putin’s words come in the wake of a protracted drive by the EU to attract more countries’ trade and currency reserves into euros, in a bid to chip away at U.S. hegemony over the global economy and money supply.

A move by Russia, as the world’s second largest oil exporter, to trade oil in euros, could provoke a chain reaction among other oil producers currently mulling a switch and would further boost the euro’s gradually growing share of global currency reserves. That would be a huge boon to the euro zone economy and potentially catastrophic for the United States.

http://www.rense.com/general58/opil.htm