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When nations refuse to accept dollars in trade for oil the USA gets ticked off.
Evidently our sanction plan on Libyan backfired on our dollars value in trade.
Check out a book PETRO DOLLAR WARFARE which explains why we invaded Iraq/Saddam when he was trading in Euros instead of oil.
Google the Iran Euro trade for oil turmoil.
Google China and other nations such as Russia now trading for Yen and Rubles.
The dollars is steadily declining in value. That's one of the reasons a barrel of oil costs more dollars.
Check out the charts on KITCO with the price of Gold, oil and other currencies.
We had to fight to keep the world trading oil for dollars. When the dollar is no longer accepted for trade the cost of anything we need will skyrocket up.
Japan and the G& recently had to do a correction on the value of the Yen due to the earthquake.
Who hasn't noticed the cost of everything going up?

International banks are refusing to clear payments in U.S. dollars for the Libyan oil trade, Reuters reported Tuesday, citing traders.

The action is the result of U.S. sanctions against the fractious North African country.

"Banks don't want to finance the system in Libya, so for the moment no one is getting money for oil. There are big problems for payments," Reuters quoted a senior trader with a European oil company as saying.

The decision to halt export financing of crude from Libya has brought almost all transactions to a halt.

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