This week, oil prices hit a record high . . . , but don't tell Canada or Europe; they've barely noticed the drastic rise in oil prices over the past six years. Why? Because as the dollar loses value due to the poor fiscal policies of the Bush administration, the price of a barrel of oil has dramatically increased relative to said dollar while barely appreciating against stronger currencies. 

According to Christian Weller, senior economist at the Center for American Progress, the price of a barrel of oil rose 162 percent relative to the dollar from January 2002 to October 2004, but only half that much (77 percent) in Euros during the same time. Since then the dollar has continued its precipitous drop while oil continues to climb steadily higher on the world market, leading to drastic increases in oil prices relative to the dollar. . . .  

You can thank the Bush administration directly for driving our fiat currency straight into the ground with reckless, borrow-and-spend economics and a war that has us hemorrhaging blood and treasure to the tune of 12 billion worthless dollars per month.

At mid-January with the price of oil shading $50 barrel, the value of the dollar versus the euro was 129.50 and the dollar index stood at 85.40.Today those exchange values are 143 and 77.50 respectively. In percentage terms that comes to a touch over 10 percent in each instance. 

Now compare those changes to the extraordinary jump in the price of oil from January to October escalating from $49.90/bbl to over $90.00/bbl yesterday. This comes to an almost unprecedented jump of 80 percent in such a major industrial commodity over such a short period of time. Far and away leaving the comparable exchange rate differentials of other currencies versus the dollar in the dust.

A possible conflict heating up in Northern Iraq between Turkey and the militant Kurdish Workers' Party (PKK), Russian President Vladimir Putin’s visit to Tehran and US President George W Bush’s statement the world faces the danger of a third world war if Iran is allowed to develop nuclear weapons, were among the factors that led crude oil prices to new highs, touching USD 90 per barrel on October 19. . . .  

Oil analyst Eleftherios Verivakis, a former Greek energy minister, said prices are driven by geopolitical reasons and speculation. “The problem is a political crisis not an economic and oil one although political problems will eventually take their toll on the economy and the oil market,” he told New Europe on October 19. “All these geopolitical factors –- Turkey, Iran, Iraq, the Caspian status, Bush’s statement about World War III – aggravate the situation and push oil prices higher.” . . .  

With speculators heating up the market, prices of USD 100 could not be ruled out in the future. “I wouldn’t be at all surprised if we may see a spike going up a little further. There is very little issue at the moment of signs of weakness in this price so I think it’s going to be a very sensitive time and if we were have say a sudden cold snap in weather or any other political concern, then 100 dollars a barrel is not unlikely at all,” Urquhart Stewart said.

“Is waterboarding constitutional?” Mr. Mukasey was asked by Senator Sheldon Whitehouse, Democrat of Rhode Island, in one of the sharpest exchanges. 

“I don’t know what is involved in the technique,” Mr. Mukasey replied. “If waterboarding is torture, torture is not constitutional.” 

Mr. Whitehouse described Mr. Mukasey’s response as a “massive hedge” since the nominee refused to be drawn into a conversation about whether waterboarding amounted to torture; many lawmakers from both parties, as well as civil liberties and human rights groups, have said it is clearly a form of torture.