Well, one can say it WAS owing to the wekaness of the dollar that the price of oil sky-rocketed.
“Well, one can say it WAS owing to the wekaness of the dollar that the price of oil sky-rocketed.”
One could, but one would be mostly wrong. Relative dollar weakness was a minor influence on oil prices. The price went up in countries with relatively strong currencies as well. “Other countries” use 75% of the world’s oil production.
Increased demand and lower world production were much larger factors. The final blow-off was driven by speculation, which ended quickly.