Since oil prices are denominated in dollars, as the dollar strengthens, oil prices fall for U.S. consumers, all else equal. But petroleum product purchases by consumers in most countries aren’t denominated in dollars, so the fall in dollar-denominated oil prices isn’t experienced in the same way for them, writes Mark Agerton, graduate fellow at the Center for Energy Studies, in a new Forbes blog. "This untold story has global implications for growth, national budgets and geopolitics."
