The dirty little secret

The dirty little secret that no one talks about is the impact the falling dollar has on the price of oil. This article from the World Tribune addresses the issue.

OPEC member: Weak dollar triggered high prices
ABU DHABI — The fall of the U.S. dollar is fueling energy prices, oil officials here said.

Industry specialists said the sharp decline of the American currency against the euro has sustained the rise in oil prices. They said the fall of the dollar has fueled speculation by oil traders.

"One reason the price is high is the weakness of the dollar," Ali Al Yabhouni, the representative of the United Arab Emirates to OPEC, said.

"If you look at it in other currencies such as the yen and the euro, oil is very affordable. So, yes, the price looks high in dollars but not in other currencies."

Addressing an energy conference in Dubai on March 30, Al Yabhouni dismissed any shortage in the oil market. He said the production of gasoline and other refined products were above their five-year average.

Another contributing factor to high oil prices that "big oil" has no control over.

By the way ... if there is "big oil," doesn't that mean there is "small oil?" And what would that be? What is "small oil?"