By John Rubino – Re-Blogged From Dollar Collapse
Oil prices are up over the past year, which is bad if you’re, say, a developing country that imports a lot of the stuff. But the US dollar (aka the petrodollar) is also up, which compounds the problem because oil is priced in dollars. So Brazil, for instance, finds itself buying an appreciating necessity that’s priced in an appreciating currency:
‘Brutal’ rally in dollar-priced crude hammers governments, strains consumers from U.K. to Brazil.