Nope. All oil is traded in Dollars.
If oil was traded in Euros, then you would be correct that inflation here would impact the price of imported oil, but oil isn't traded in Euros or Yen.
Nope. All oil is traded in Dollars.
If oil was traded in Euros, then you would be correct that inflation here would impact the price of imported oil, but oil isn't traded in Euros or Yen.
It doesn't matter. Back in the 70's currency debasement led to an oil "crisis" when the Arab nations got fed up with the Funny Money needed to pay for the Great Society and Vietnam.