Gold basically trades inversely to the USD. Oil, like most commodities, is priced in USD, but its price reflects basic supply and demand.
If you take into account the 25% drop in the USD cross rate since Jan. 2002, the price of oil is not so outrageous. It would be about $30/BBL at Jan. 2002 USD rates.
Americans do not realize the reason prices on goodsd are increasing is basically due to the weak USD. Commodities are priced in USD on the world market.
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