It’s both IMO. The Obama/Bernanke devaluation of the dollar is why the Oil that is traded in dollars is so much more expensive today, as well the Obama policy disallowing us to drill domestically.
RE: The Obama/Bernanke devaluation of the dollar
I have DIVERSIFIED my portfolio OUT of the dollar since 2010 ( even since Bernanke said he was going to keep interest rates near zero for YEARS ). Aussies and Loonies were a great bet then and still are now.
WHY WOULD I PUT MONEY IN US DOLLARS AND MAKE LESS THAN 1% IN INTEREST WHEN I CAN GET CLOSE TO 4% IN AUSTRALIAN DOLLARS?
Think of how many investors think this way...