OPEC (The countries that control the oil industry) changes the Dollar for lets say, the Euro??
What economic impact will that have???
2007-11-18 10:54:20 · 5 answers · asked by Anonymous in Social Science ➔ Economics
None! The price is quoted in $US but they accept any currency.
2007-11-22 16:33:47 · answer #1 · answered by jemhasb 7 · 0⤊ 0⤋
In the long run, there is probably little effect as currency markets will "stabilize." (I put that in quotes because the currency markets aren't actually in termoil -- the trading is still very orderly...it's just leading to a weakening dollar.) If the dollar remains chronically weak against the Euro (or whatever currency OPEC chooses), then there will be a long-run increase in the price of oil.
Regardless, in the short run, the price of oil for us here in the US will go up. I think the chances of OPEC actually changing, however, are extremely small. It's not as simple as just starting to pay for stuff in Euros instead of in dollars. Don't expect any sudden changes.
2007-11-18 12:05:33 · answer #2 · answered by Chris D 2 · 0⤊ 1⤋
If OPEC has the price of oil fixed in terms of the Dollar and changes to fixing it in Euros, then if the Dollar gets beaten down in the currency exchange markets the price of oil will increase for those buying in dollars while it could stay the same for those spending Euros.
I am waiting to find out what the Shiek meant when he said that; and am paying attention to just how oil is priced.
2007-11-18 11:46:09 · answer #3 · answered by Brett T 3 · 0⤊ 0⤋
the fee of oil in money varies with the dollar replace fee with the Euro already and if it have been traded in euros quite of greenbacks this might nonetheless be authentic so little or no if something might ensue to gas fees.
2016-11-12 00:40:51 · answer #4 · answered by ? 4 · 0⤊ 0⤋
We will be up that creek without a paddle. I'm scared!!!
2007-11-18 11:35:25 · answer #5 · answered by Anonymous · 1⤊ 1⤋