Linky This has been touched on before but this guy makes a pretty compelling case. There's a lot more to the article and especially about Iran. Their oil bourse is set to open in March, it'll trade only in Euros. He also implies that the reason the UK and probably Norway as well, didn't join the Schengen Treaty (the Euro) was due to oil. London would have been forced to sell oil in Euros and that would have been contrary to US interests. It's an interesting read to say the least.