I dont think that the Oil will be price in euros anytime soon. 'cause a cheap dollar = cheaper oil for the rest of the world. for example, in USD dollar term the Oil price have already raised 160% since 2003, In euros term have raised 96% and about 120% in indian rupees and 137% in yuan terms. And there's a very BIG economic (hidden) cost for any countries who want to change from petrodollar to petroeuros. and the euro zone have biggers problem than us, Starting with wage,unemployment,and they have a bigger deficits than us in GDP % terms (big time) and all the socialist craps etc etc. The point is, that everytime the USA Dollar go lower, the Russian,Arabs,Chavez and company make Millions with that!! Because a weak dollar is an inflation and a hiden tax. So they will support that as much as they can. If the US go to hell, the oil world will loose at least 25%-27% of their revenue. and probably more, Cause the hole world will crash as well. my guess is that, Since Ben Bernanke IS the information itself, He knows that the oil superpowers will bring their honeys to the american system to sustain their Bull market. (since 2003, the saudies have invest over 1 Trillion dollars in the US financial system) what will happen to iran, venezuela and russia if the US goes to hell????? the Oil will drop to 30 bucks pb and they will be in trouble, BIG time. Because NON of these countries invest a penny in productivity. And their financial system are (probably) in worst shape than the US. However, what Ben B have done is WRONG!.. He just help a Bunch of mafiosos and fuck millions of hard work american families. It's suicidal over the long run, (the 10 yrs Notes and 30 Bonds have raise big time in 2 days) BTW: my respect to Ivanovich, I think he is one of the smarter traders on ET.
The way Wall Street was crying credit crunch and end of the world, you'd think market was down 50% in a matter of months. But oh wait, that was a what - 10% correction? Bernanke is a slave to Wall Street, not a servant of the US. Looks like we're in the cusp of a Dollar and Commodity crisis. Welcome back 1970's!
Thank you for the nice compliment. But if oil continues to rise in lockstep with the dollar's fall, then no one's losing money (as far as oil countries go). They're just keeping it the same, or about the same.