Is U.S. dollar worthless piece of paper? by Natalia Holvova

Third full summit of the heads of 13 member states and delegates of OPEC took place in Riyadh, Saudi Arabia on Sunday. The main question of the summit was supposed to be the impact of the oil industry on the environment. As it shined up during the meeting, the U.S. Dollar value appeared as more important issue to deal with. There are countries such as Iran and its ally Venezuela that consider U.S. dollar "worthless piece of paper" as Iranian President Mahmoud Ahmadinejad said to the reporters after the end of the summit. U.S. dollar has been historically the currency that always paid for world's oil. Since 9/11 the value of American money is enormously depreciating. This fact influences the value of world oil reserves and the countries that provides petroleum in the world market are loosing their money. Changing the currency can also seem like a political issue considering attitudes of Iran towards President Bush and his politics. When I am thinking about it and trying to find the motivation of making such a big decision in OPEC as changing the currency that always has been legal tender in the gas industry, it must be real. It is incontrovertible fact that U.S. dollar is falling down with the speed no one like to see. But is this really the reason to change the currency and set up new rules that will proclaim American weakness? There still are allies of the United States that will keep the currency on. The question is for how long they are able to face the tense of the world's low oil praises and sequential rising prices for common people?

related story: http://news.yahoo.com/s/ap/20071118/ap_on_bi_ge/opec;_ylt=Aq1o1kjpHQ5kt2LUaIS2npas0NUE

by Natalia Holvova for PocketNews (http://pocketnews.tv)

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