It seems that way according to this article.
Today we are hearing all the same fairy tales we heard last year to explain why oil has gone from $33.87 a barrel this past winter to $79.54 as of this writing. Again, the first thing blamed is the weakening American dollar against foreign currencies. But the dollar has only fallen around 15% from its peak earlier this year, while oil has risen by 231%. Shades of 2005-08.
I really believe that all this liquidity sloshing around are going everywhere except into the pockets of small businessmen who will create jobs. So we have people going out of the dollar and treating oil like it is a "store of wealth" like gold. Of course another $140 a barrel oil run and we will have a second double dip recession mark my words.
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