> Remember, you still need US dollars to buy oil.
Good thing, then, that gold is very easy to convert into US dollars.
"the fluctuating value of the dollar makes it very hard to gauge whether oil prices themselves are rising or falling… Oil today at 2 grams, is about the same as it was in the early 1950s; but if you measure the price in US dollars, you would get the impression that it is about 30 times more expensive today!"