greg c asked:
In other words, they base the price of oil on gold because we refuse to base our dollars on gold? When dollars fall, gold goes up and oils follows suit. The Oil shortage of 1973 was the result of the USA inflating it’s dollar, which was backed by oil instead of gold. If the USA continues to fund it’s budget with printing paper money not backed by gold, we will price ourselves right out of gasoline?
In other words, they base the price of oil on gold because we refuse to base our dollars on gold? When dollars fall, gold goes up and oils follows suit. The Oil shortage of 1973 was the result of the USA inflating it’s dollar, which was backed by oil instead of gold. If the USA continues to fund it’s budget with printing paper money not backed by gold, we will price ourselves right out of gasoline?
