Obama Wants to Create "World Oil Bank"

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Maybe everyone already knows this (this comes from an old campaign clip), but...In his address to the Chicago Council on Global Affairs, Obama mentions his intentions of creating a World Oil Bank. The ploy is that if every nation had all the oil that they could ever want--just handed to them, then there would be no excuse for (nations like Iran) to develop or maintain nuclear facilities. I guess you also know that Michelle Obama is (or was) on the board of Directors of the CCGA which used to be called the Chicago Council on Foreign Relations.

http://www.youtube.com/watch?v=a2r9rsewVRg

(skip to about 21:22-22:50)