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The price of crude oil remains a headline issue. But how much of the oil price increase is because of a weakening U.S. dollar? The chart shows the price per barrel of oil in dollars and euros over the last five years. The widening gap between the two lines indicates that 35 percent of the increase in the price of oil could be attributed to currency devaluation. Of course, the falling dollar is due, in part, to the rising price of oil.

Christopher M. Keane

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