The Real Price of Oil

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The Real Price of Oil

Posted by: Dr. Mercola
September 09 2008 | 26,761 views

The price of oil is up, and everyone is worried about the potential economic consequences. But what if the price of oil wasn’t really up? What if it were just an illusion?

The American Geological Institute (AGI) recently released a report looking at the price of crude oil in relation to the U.S. dollar and the price per ounce of gold. They found that the price of oil has been going up in relation to currency only. This means that the value of oil has not been increasing in real terms; instead, currency has just been decreasing in value.

In other words, if U.S. currency were still based on gold, as it was until 1971, then the price of oil would be stable.

Oil Chart

So if you are an American, the price of gas hasn’t really gone up, it is just that the value of the dollar has significantly plummeted.

Sources:

RideLust August 16, 2008

The American Geological Institute Report

Related Links:

U.S. Economy Progressing to Worse Recession and Inflation

Who's Greedier: Big Oil or Multi-National Drug Corporations?

Oil Barons Continue to Rape U.S. Economy

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