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08:43 AM
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Subject
US Dollar lost 6% from Jan 20-09:"Why are we paying 80% more for Oil?"
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[quote:PatrikC325:MV84MjMzMTBfMTI3MzYxODNfNUNBNUM5RDI=] My argument is the same. This rise in oil from the 30s to the 70s is due to Money investing in the futures of oil as a commodity. [/quote]
Original Message
When Barrack Obama took office on Jan 20th 2009, oil prices per the barrel were $38.57
[
link to tonto.eia.doe.gov
]
The US dollar was 0.75410 against the second strongest currency of the World, the Euro.
[
link to www.oanda.com
]
Today oil is trading at $69.45 and the Dollar (1 USD = 0.7101 EUR).
What's wrong with this picture?
From Jan 20th to June 23rd the Dollar lost a little under 6% -- So why does it cost 80% more to buy the oil barrel if oil is denominated in the US Dollar? (petro-dollar)
I hope to soon hear from the wise folks of GLP's economic talents!!
Disclaimer: You need simple and basic 3rd grade arithmetic skills to be capable of answering, and a strong disbelief in Government science. 1.00794 + 1.00794 - (some mass) = [is not] 4.002602
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