''Around the world, there is anguished hand-wringing about the high price of oil. But if political leaders and policymakers want lower oil prices, they should be promoting policies that strengthen the dollar.
The
implications of pricing oil in any single-currency are more
far-reaching than most people think. For example, some oil-producing
countries ask their customers to pay in euros, but that does not mean
that their oil is priced in euros. And even if dollar prices were to be
replaced by euro prices, the impact of single-currency pricing on the
oil market would be the same.''
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