>It's just that you see it as due entirely to the massive increase in the USD supply in past years; I'm saying that some of it is related to basic supply/demand as well and we can see this by examining its movement in other currencies.
Not really. It's not entirely due to the increase of USD, there are demand/supply characteristics that have created a mild inflation in the price (note the cost of extraction affects only profits, not price).
However, the popular view is that the oil price is rising massively due to (a) greedy oil companies or (b) oil running out. Neither is really the case, and historically the oil price isn't significantly different to the band it has been in for the last 30 years. The data used for showing that the oil price is rising is by comparing it to the price ~10 years ago to now. But that is obscured by the fact that currency devaluation in that time period accounts for a large percentage of the sticker price rise. The real price rise is far less.
Not really. It's not entirely due to the increase of USD, there are demand/supply characteristics that have created a mild inflation in the price (note the cost of extraction affects only profits, not price).
However, the popular view is that the oil price is rising massively due to (a) greedy oil companies or (b) oil running out. Neither is really the case, and historically the oil price isn't significantly different to the band it has been in for the last 30 years. The data used for showing that the oil price is rising is by comparing it to the price ~10 years ago to now. But that is obscured by the fact that currency devaluation in that time period accounts for a large percentage of the sticker price rise. The real price rise is far less.