This is about the last thing anyone needs in the US. The only possible bright side is that maybe it will encourage politicians to make some attempt to move beyond a petroleum based economy. Bloomberg:
The 13 percent decline in the Dollar Index since June has led some OPEC members to call for oil to rise to $100 a barrel.
The U.S. currency’s weakness means the “real price” of oil is about $20 less than current levels, Venezuelan Energy and Oil Minister Rafael Ramirez said after yesterday’s meeting of the Organization of Petroleum Exporting Countries in Vienna. The group, which accounts for 40 percent of global crude output, left targets unchanged and called for greater adherence to quotas, which are being exceeded by a supertanker load a day.
