I've just read a few articles on the same theme, the challenge that the Euro presents to the US Dollar and the likely implications of a change in which currency oil is denominated. The first was A New American Century: Iraq and the hidden euro-dollar wars. My difficulty with this one was that I had no framework to assess it's reliability or bias. The second however is by Dr. Bulent Gokay (Senior Lecturer in International Relations and Director of European Studies Programme
SPIRE, Keele University) so I'm going to give him the benefit of the doubt. His article, War in Iraq, 'petro-dollar' and the challenge by euro, is along the same lines as the other -
There were many factors related to the Iraqi oil, driving Bush administration to intervene in Iraq militarily. But the biggest one seems to be about the currency used to trade oil: the role of preserving the dollar as the world’s reserve currency. This appears to be the major driving factor contributing US policy over Iraq. In other words, the need to dominate oil from Iraq is deeply intertwined with the defence of the dollar.The third was Iraq, the Dollar and the Euro.
This isn't something I've seen much mention of in the media and I'd be very appreciative if anyone can point me to further reading on the same topic (either pro or con, objective or subjective) - Thanks.