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IPFS News Link • Energy

Oil Juggernaut Unleashed

12-29-2010 • ZeroHedge.com

Since oil is widely traded in dollars, it is perhaps the commodity most sensitive to dollar inflation. If supply and demand (real or imagined) are not the acting players in the current oil climb, then we are left with only one other option; currency devaluation. As we have covered in past articles, commodities across the board are tearing towards historic highs, while global demand for goods continues to fall. Oil is no exception. Establishment economists in the U.S. and in most of Europe have avoided the dollar collapse issue like Lyme disease, but other nations around the world will not. OPEC has been expressing concerns over dollar weakness and openly suggesting dropping the dollar peg since 2007:

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Reported By Jack Gregson

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