Expensive oil, even accounting for weak dollars.
During the ongoing run-up of crude oil prices, there’s been plenty of talk (including here) about how the weak U.S. dollar has exacerbated the rise in oil prices. (I.e., as the dollar drops in value, it takes more dollars to buy the same amount of oil.) Well, Stephen Gordon of Worthwhile Canadian Initiative has run the numbers on oil prices when denominated in currencies other than US dollars. The result?
Oil prices are just up, period.
(Link via Abnormal Returns and Market Movers.)
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