Europe To Pay Iran In Euros For Oil, Abandoning The Dollar

According to the International Business Times , "European countries are considering dumping the dollar in favor of the euro when it comes to making payments to Iran for its crude oil, Russian media reported Wednesday, citing a diplomatic source who had knowledge of the development. Since President Donald Trump pulled the United States out of the Iran nuclear deal May 8, formally known as the Joint Comprehensive Plan of Action (JCPOA), European nations who were also part of the deal have been working with Iran to prevent it from collapsing." What are the implications for the purchasing power of American consumers?