Did anyone read about this issue.Chavez would like to price oil in a basket of currencies, possibly with special emphasis on euros,

A big showdown is looming when OPEC meets in Caracas on Thursday.
The media has been saying Venezuelan President Hugo Chavez will use the meeting to push for OPEC production cuts. And he probably will.
But I think there’s a lot more to the story than that. So let me tell you something you won’t read in the papers ... I think Chavez’s real goal in Caracas is convincing OPEC to dump the U.S. dollar for pricing oil!
Instead of dollars, Chavez would like to price oil in a basket of currencies, possibly with special emphasis on euros.
While few others see this move coming, here are the signs that I see:
First, Saddam switched his oil to euros six years ago. It was just a symbolic gesture but it got the ball rolling.
Then, Venezuela transferred a large portion of its foreign reserves out of U.S. Treasuries and into euros last year.
Now, Iran is readying its own oil bourse, which will also price oil in euros.
Plus, Chavez recently declared his intentions to do the same. His own words
“We are free to choose between the dollar and the euro ... Venezuela might also consider that at any time.''
Why Would the Rest of OPEC
Go Along with the Plan?
Because a declining U.S. dollar hurts Arab oil sheiks who do tons of business, vacationing, and shopping in other currencies.
Given the dollar’s fall, their revenues are worth less every day. And that’s not just when they’re shopping in Europe. It’s almost everywhere — Japan, China, even Latin America.
As of February 2006, OPEC held a whopping $84.9 billion in U.S. Treasuries.
And that excludes OPEC’s holdings through British banks.
In short, now, the value of their holdings are plunging with the dollar. That’s going to make them more receptive to dumping the U.S. currency for pricing their oil.
Over half of our imported oil comes from OPEC. Would OPEC want to hurt the U.S., its best customer? Maybe not intentionally. But if the U.S. dollar keeps declining, OPEC will come under growing pressure to cut its losses.
And Venezuela doesn’t care if the U.S. gets hurt or not. Chavez is convinced that he can replace U.S. demand for oil by selling to China’s booming economy.

well were screwed... deland FL. . interested in the GTG?