The price of oil topped $100 a barrel recently. Given that oil is traded in U.S. dollars and that the dollar has been depreciating for some time now, how much of the price of oil is simply adjusting for the deflation of the dollar? Is oil in fact flat to the rest of the world?
BTW, has anyone noticed in all the hub bub about $3.00/gal gasoline that orange juice is over $7.00 a gallon! Orange juice.
Monday, November 19, 2007
$100 a barrel oil
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