On radio and TV today, Glenn discussed the impact that the declining dollar had on gas prices. The truth is that a declining dollar impacts a variety of commodities and essentials, from food to gas to gold.
Glenn said on radio that Obama was even launching an investigation into the rising prices. Bloomberg reports, "Obama faces political pressure over rising gasoline prices. Crude oil futures have increased 22 percent and gasoline surged 34 percent this year as Middle East unrest reduced supply, and the global economic rebound bolstered fuel demand."
Bloomberg added, "The average price nationwide of regular gasoline at the pump was $3.84 a gallon Wednesday, the highest since Sept. 16, 2008, AAA said on its website."
But while Obama investigates fraud (Read the DOJ statement), Glenn notes he has made little remarks about The Fed's role in the rising cost of oil and gasoline.
The Wall Street Journal reports, "A weaker dollar hits strained consumers by raising the cost of imported oil, as exporters seek higher dollar-denominated crude prices to offset the dollar's waning value."
For some relevant charts (click the links to be taken to the original sources):
One year of gold prices from Yahoo
And, finally, the US Dollar Index
The cost of oil versus the US Dollar: