Oil and the Dollar

• Friday's jump -- which was equivalent to the entire price of a barrel of oil in late 1998 -- was fueled in large part by the dollar's sharp fall, with investors snapping up oil as a hedge against the currency's eroding value.

I'm not sure I understand the implications of oil being denominated in Euros, but I think it's coming and it cannot be good for the U.S.
- posted by john @ 8:39 PM