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The dollar is not money – Mahmoud Ahmadinejad

"The dollar is not money any longer but a handful of paper distributed in the world without commodity support, Iranian President Dr. Mahmoud Ahmadinejad told the Oil and Gas Exhibition in Tehran.

"The oil price of $115 a barrel in today's global markets is a deceiving figure. Oil is a strategic commodity that needs to discover its real value," he said.

The escalation of oil prices, in the current year, was attributed to the continuous weakening of the US Dollar and had nothing to do with producer countries.

Ahmadinejad said despite high oil prices, the true value of crude oil, adjusted for inflation, is currently less than what it was in 1980.

"While the price of other commodities have increased, the economic value of the current oil price is even less than 1980," he said.

Ahmadinejad accused Western industrialized nations of "selfishness" in their quest for cheaper oil.

"When they get hold of oil, they assume that oil is a free commodity and belongs to them and has wrongly been placed in other territories. ... This is the spirit of selfishness and arrogance," Ahmadinejad was quoted as saying.

Iran has stopped using the U.S. dollar in its oil transactions with the outside world, switching to currencies such as euro.

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