Oil Prices and the Dollar

Rich Sweeney had a post last week that answered a question I’ve had: What does the runup in oil prices look if you’re not so US-centric as to view it in dollars? Obviously dollars is the currency I have to use to buy my barrels of oil, but I was curious how much of the dramatic increase in recent months was really just an indirect measure of the falling dollar. Here’s Rich’s graphic, which context suggests is from the Wall Street Journal:

oil price in dollars, euros and gold