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"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Monday, October 29, 2007

Uh-Oh ...

This would likely knee-cap an already stumbling US dollar ...

Venezuela: OPEC to Study Currency Basket for Pricing

CARACAS (Reuters) - OPEC is likely to discuss creating a basket of currencies for oil pricing at its next summit due to the steady decline in the dollar, Venezuela's Energy Minister Rafael Ramirez said on Friday.

"The need to establish a basket of currencies ... will probably be a point of discussion in the next OPEC summit," Ramirez told reporters during an evening event in the presidential palace.

"The dollar as a benchmark currency has been weakening quite a lot and it creates distortions in oil markets."

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The only upside to this is that Venezuela is known to lie through its teeth when it comes to matters of oil, OPEC, and tweaking George W. Bush. But that's not much to hang your hat on.

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