Obamanomics adds 56.5 cents to the cost of every gallon of gas - Ford Powerstroke Diesel Forum
 
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post #1 of 3 Old 06-05-2011, 05:07 AM Thread Starter
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Obamanomics adds 56.5 cents to the cost of every gallon of gas

Press Releases - Joint Economic Committee Republicans

Washington, DC --A weak U.S. dollar due to the Federal Reserve's unprecedented pumping of dollars into the American economy is adding 56 and a half cents* to the price of every gallon of gasoline, according to a new study by the Joint Economic Committee Republican staff.

Titled The Price of Oil and the Value of the Dollar, the study notes the value of the U.S. dollar has declined 14 percent since the Federal Reserve began its program of quantitative easing in November of 2008. With oil an international commodity that trades in U.S. dollars, the declining value of the dollar has added $17.04* per barrel to the price of Brent Crude oil. Crude oil is the primary input in the process of making gasoline.

Oil Prices and dollar decline graph

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post #2 of 3 Old 06-05-2011, 05:32 AM
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post #3 of 3 Old 06-05-2011, 06:07 AM
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