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One factor of the current “oil crises” that is largely ignored by DC, the MSM and even FR is the impact of the dollar devaluation on the price of oil. I am not sure if it is an issue that is ignored because people do not want to face reality of devaluation or because so few people have a basic understanding of economics. However, if the dollar were brought in to parity with the euro we would be be paying $75-$80 dollars a barrel without increasing production.

As for Putin, he needs the cash and the best way to keep that SOB from cranking up the Russian War Machine is to crash the price of oil.

26 posted on 08/10/2008 9:44:40 PM PDT by trumandogz ("He is erratic. He is hotheaded. He loses his temper and it worries me." Sen Cochran on McCain)

Ok, help me out, I am seriously considering shorting the EURO at opening thru a very kewl etn DRR, I have been watching bloomberg most of the night and according to one UK analyst if the EURO does not come down in price the EU might very well breakup (another reason for the EU blowing off Georgia??? save for later)...I digress.....back to money....also heard that the Euro is going to be tanking vs the USD about 20-30%...would be very interested in anyones opine on this...