"I can see clearly now the rain is gone".
Some OPEC mavericks want to switch to the euro as oil's pricing basis. But analysts say there are several factors keeping the greenback in the game.
"They get our oil and give us a worthless piece of paper," Ahmadinejad was quoted by the Associated Press. "Some said producing countries should designate a single hard currency aside from the U.S. dollar ... to form the basis of our oil trade."
Chavez echoed this sentiment Sunday on the sidelines of the summit, telling the news agency "the empire of the dollar has to end."
"Don't you see how the dollar has been in free-fall without a parachute?" Chavez said, calling the euro a better option.
The effect that switching from pricing oil in dollars to euros might have on the American currency is hard to say, but it's possible it could further drive down the value of the dollar and hence make oil more expensive for U.S. customers.
And given that the dollar has declined rapidly over the last few years, there are more people in the euro zone area and the relative stability diversification offers, there are some good reasons for wanting to switch from the dollar to the euro or, even better, a basket of currencies.
But rising oil prices, the close relationship between Saudi Arabia and the U.S., and the fact that oil benchmarks such as West Texas intermediate and England's Brent are priced in dollars make it unlikely OPEC will switch anytime soon.
I already know what Speedy is going to say.