hate to say it, however the way things are looking America will be a 3rd world country very soon Is America a leader in anything anymore? GM is now a 10.00 stock from 43 our dollar is near worthless even IRAN won't accept our money anymore for oil Considering that Iran has switched to the euro for its oil payments from E.U. and ACU customers, it would be logical to assume the proposed Iranian Bourse will usher in a fourth crude oil marker â denominated in the euro currency. Such a development would remove the main technical obstacle for a broad-based petroeuro system for international oil trades. From a purely economic and monetary perspective, a petroeuro system is a logical development given that the European Union imports more oil from OPEC producers than does the U.S., and the E.U. accounts for 45% of imports into the Middle East (2002 data). Acknowledging that many of the oil contracts for Iran and Saudi Arabia are linked to the United Kingdomâs Brent crude marker, the Iranian bourse could create a significant shift in the flow of international commerce into the Middle East. If Iranâs bourse becomes a successful alternative for oil trades, it would challenge the hegemony currently enjoyed by the financial centers in both London (IPE) and New York (NYMEX), a factor not overlooked in the following article: "Iran is to launch an oil trading market for Middle East and OPEC producers that could threaten the supremacy of London's International Petroleum Exchange." "â¦He [Mr. Asemipour] played down the dangers that the new exchange could eventually pose for the IPE or Nymex, saying he hoped they might be able to cooperate in some way." "â¦Some industry experts have warned the Iranians and other OPEC producers that western exchanges are controlled by big financial and oil corporations, which have a vested interest in market volatility.