The head of the Organization of the Petroleum Exporting Countries warned that oil prices would experience an “unlimited” increase in the event of a military conflict involving Iran.
OPEC Leader Issues Warning About Iran and Oil SupplyCourtesy NYT > Business Thu, 07/10/2008 - 19:53
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Richard Nixon is the culprit
Oil is being traded on this planet for gold and the oil producers have only the real value of gold, not the present US dollar-denominated value of gold in mind.
If oil prices experience an “unlimited” increase in the event of a military conflict, gold prices should experience the same kind of increase.
OPEC wants the Group of Eight, the G8, to fix the dollar.
The dollar cannot be fixed since August 15, 1971, when Richard Nixon, president of the federal republic of the USA, broke the Bretton Woods system which linked the US dollar to ... gold.
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