CHRONICLING DOLLAR DECLINE
so, while the price of gas has tripled in the US, it’s less than doubled in Europe….because the dollar is worth less….
If we take Autumn of 2000 as our base point when the euro was trading at its low of 0.8252 relative to the US dollar and oil was trading at $35 dollars per barrel, we get the following results: The increase in price of oil in euros has been 74% since 2000, while it has been a 237% increase in US dollars.
