Is oil priced in dollars, or are dollars priced in oil?

Here's an interesting post on Saudi Arabia as an oil bank, monetising the black stuff in collusion with structured finance vehicles procured from banks. Peak oil may well just be a euphemism for a congeries of terms.

Oh, and China doesn't believe in carbon-generated global warming, but does see the point of attending conferences of the rapidly developing world with the aim of removing more cash from the western political-media class.

Time marches on.