Woodduckdawg wrote:JDgator wrote:Gas prices are higher for two reasons:
1. China and India are bidding up the price for a finite commodity.
2. Because of inflation, the US dollar has significantly devalued in the last few months. So it costs about 4% more to convert dollars to Euros; which we use to purchase crude from gulf Arab states.
Why has the $$ declined? 12 Billion a month on Iraq doesn't help!!
Man this just keeps getting better....the US does not purchase crude oil with Euros. What planet do you live on????
Oil is sold on the dollar...haven't you ever heard of the NYMEX? Opec buys goods on the Euro and sells oil on the dollar.
