I agree with you CONCHO. By invading Iraq, America was also sending a message to Saudi Arabia and other oil producing nations that they’d better not get too cozy with the EU or China. We want our oil suppliers to know that the Petrodollar regime is as strong as ever. America is the only country that gets to pay for oil (and all other trade) in it’s own currency thereby obviating the need for foreign currency reserves.
Iran apparently is beginning to trade oil in Euros.
