NY Sun:

When President Bush acceded in January 2001, we pointed out in an editorial in November, a barrel of oil was selling for 8.25 100th’s of an ounce of gold. By November of 2007, it was selling for 8.32 100th’s of an ounce of gold. Today, it’s selling for about 8.9 100ths of an ounce of gold. In other words, the price of oil isn’t spiraling upward. The value of the dollar is spiraling downward.

On the other hand, by some measures the dollar is back where it was a decade ago, so perhaps oil and gold were cheaper than we appreciated at the time in 2001.

This entry was posted on Wednesday, April 2nd, 2008 at 3:47 pm and is filed under General, business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.