Iranian Oil in Euro ... big deal or not?

The Iranian Oil Borse, this exchange could be the biggest thing to hit the world economy in a while. Or it could be nothing. Oil has already been traded in Euro, Saddam demanded to be paid that way in 2000. But his exports where limited as they all had to pass through, the deeply corrupt, the Oil For Food programme. This time the only limits are the limits of the Iranian oil wells.First a couple of articles on why it matters a lot, the first from Energy Bulletin detailing how this could upset the US economy by economist Krassimir Petrov, the second is by Soj at The Daily Kos on evidence that the US government knows that this could upset the US economy and has already begun to put in place efforts to disguise the effects from the markets and so slow them in there corrections. It should be noted that Soj (fairly obviously since he is writing at The Daily Kos) and Petrov do seem to have an anti-Bush slant from what I have read so far. There is a more hopeful article at Energy Bulletin as well by James D. Hamilton saying that it might be nothing and critiques Krassimir Petrov.

UPDATE

Looks like James D. Hamilton is an economist as well, Professor of Economics at University of California, San Diego. Which goes to show the truth in the saying, "if you line up all the economists in the world end to end, they still wouldn't reach a conclusion".