The two are linked but it's much more than a linear relationship. Not only is there the direct inflationary effect of a weak dollar, but also that speculators buy commodities as a hedge against inflation. This causes a multiplication effect which shoots the price up to the levels we've seen.
Well that Bush......him and his cronies can manipulate anything....!!
Is a commodity like oil a good hedge against inflation, considering that these contracts typically have a short delivery date?
It's one thing to buy gold that can be stored for long periods of time, but oil is extracted, refined, delivered and consumed over a pretty narrow window of time, no?