Monday, May 22, 2006

Oil at $500 a barrel?

The announcement by President Putin of a Russian
bourse trading oil and gas in Roubles threatens
the stability of the US Dollar far more than
Iran's bourse alone would do, and continues the
slide in relations between the old Cold War foes.
In his annual State of the Nation address to
both houses of parliament on 10 May 2006, Novosti
reports President Putin said that work on making
the Rouble an internationally convertible
currency would be completed by 1 July 2006, six
months ahead of schedule. To promote the
currency, he announced that an oil and gas stock
exchange will be created in Russia, that would
trade in Roubles.

Venezuela and Bolivia's state oil likely soon to

Dollar tanking will then be blamed on the "free


Oil at $500 a barrel anyone?

Anyone here know why that might happen?


Full report.