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I see this referenced so many times in the news as the big/little/not-at-all cause for oil's runup, but no real data provided.
So I did a very simple calculation.
Oil has doubled since this time last year. That's a 100% increase.
The Dollar has declined from ~$1.22 per Euro to ~$1.57 per Euro, about a 28% drop in value using $1.22 as the base.
So only a little over a quarter of the increase in the price of oil is due to the decline of the Dollar over the one year time frame.
Seems simple, am I missing something?
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-- Telly, the D-I-Y guy --
Two fools dancing on the hands of time
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