re: #681 lawhawk

In a down economy, price pressure slackens, but as we’re seeing, the price is staying up because OPEC is purposefully trying to keep oil at or above $60, and China is still buying plenty of oil.

Plus, don’t overlook the impact of the depreciating dollar. As the dollar loses value (thank you President Obama), the price of oil as denominated in dollars goes up.

So then we have to sell even more dollars to buy a barrel of oil, which continues to flood the money market with dollars and the it depreciates some more.

I don’t think this group in Washington understands the international money market very well.