Drill here drill now can not offset the devaluation of the dollar caused by these massive bailouts of financial institutions.
The dollar is falling, not the price of oil going up. Dollar equals less because we are printing massive amounts of money. The value of oil in relation to the lower valued dollar raises the price of oil.
The public is paying the cost of the bailouts through higher gasoline and other prices.
FReepers, do I have that correct. Please weigh in.
Dead on!
“The dollar is falling, not the price of oil going up. Dollar equals less because we are printing massive amounts of money. The value of oil in relation to the lower valued dollar raises the price of oil.”
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You are wrong.
The price of oil has risen roughly 25% in the last two weeks while the value of the dollar has fallen less 5%. In other words, the price of oil has RISEN significantly in ALL currencies during the past two weeks.
Yes that is true. The dollar is weak and getting weaker. The more we print and the more credit we extend, the weaker it gets.
Not so fast!!! There was a thread posted today where the Saudis have turned down their all out pumping from the last few months. I think that is having a much bigger impact that the dollar. Also there was another article that they need prices above $100 to be happy. The same article stated that Iran needs $147.