According to the paper: “Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is indexed from now on to the fall in the dollar or to the rise in the dollar.”

Peak Oil expert Byron King was ahead of the curve on the role of the dollar in pushing up oil prices. Last week Byron wrote this in his Energy and Oil blog. “A declining dollar hurts all Americans, and every dollar holder in the world. Call it ‘Battered-Dollar Syndrome.’ A declining dollar works against long-term investment. The late economist Kurt Richebacher used to say, ‘A declining currency destroys capital.’ Still, somebody must think it is OK to devalue the dollar, because that is one of the key drivers behind the rising price for oil.

“The world oil supply has become very tight. Demand is rising. The price for oil would ordinarily be going up to clear the market. But with all the ‘extra’ money creation coming out of the US Fed, oil prices are going up even faster. And I should add that just the expectation of loose money is also inflating the price of oil. There is probably $15-20 worth of ’speculation premium’ built into every barrel.