USA NOT CENTER OF UNIVERSE ANY LONGER, REALLY
Here are a couple of tables that look at the price of oil in non-dollars.
Mexico has had a weaker currency than the US, on these figures. Japan has only done slightly worse. CAD, AUS, and Euro have been quite strong, with India and China in the middle.
| 2000 | 2005 | 2006 | Current | |
|---|---|---|---|---|
| $Oil-Rebased, 2000 | 100 | 201 | 217 | 423 |
| Mexico | 100 | 225 | 249 | 468 |
| Japan | 100 | 226 | 242 | 412 |
| India | 100 | 210 | 222 | 388 |
| South Korea | 100 | 182 | 178 | 369 |
| China | 100 | 196 | 205 | 358 |
| Australia | 100 | 178 | 181 | 298 |
| Canada | 100 | 161 | 173 | 296 |
| Euro-based | 100 | 172 | 167 | 272 |
| REER | 100 | 190 | 196 | 342 |
| REER-Other | 100 | 208 | 215 | 383 |
Here is the same table, but with the increase/(decrease) shown in relation to the change in dollars each year (i.e. if oil is up 100% and the price is up only 50% in local currency, the table shows -50%, or 50% below the price in dollars).
| 2000 | 2005 | 2006 | Current | |
|---|---|---|---|---|
| $Oil-Rebased, 2000 | 100 | 101% | 117% | 323% |
| above/below base change | ||||
| Mexico | 100 | 24% | 32% | 45% |
| Japan | 100 | 25% | 25% | -11% |
| India | 100 | 9% | 5% | -35% |
| South Korea | 100 | -19% | -39% | -54% |
| China | 100 | -5% | -12% | -65% |
| Australia | 100 | -23% | -36% | -125% |
| Canada | 100 | -40% | -44% | -127% |
| Euro-based | 100 | -29% | -50% | -151% |
| REER | 100 | -11% | -21% | -81% |
| REER-Other | 100 | 7% | -2% | -40% |
REER is the real, effective exchange rate against major currencies. REER-Other is the real, effective exchange rate against other trading partners. (src: FRB)
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