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20th August 2008
Quote:
Originally Posted by Xena  1.476  going up again!  | Oil rises above $114 after dollar weakens vs euro: Financial News - Yahoo! Finance Crude oil rises above $114 a barrel after dollar weakens vs euro, heating oil surges That’s exactly how the petrodollar system works. Yesterday the euro exceeded $1.48; there was no reason for oil to go up other than to compensate for the dollar loss. Unless they come up with some fake cover up for the continuous degradation of the US economy, the euro will start going up steadily shortly after the end of the Olympics and will accelerate even more after the November elections. Unfortunately, oil will have to rise again but it won’t be as bad if you live in a euro economy. |
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