Gee. Now who’s doorstep was it we’re supposed to lay the blame again? Or is this one of those situations where, if we can’t figure out a way to put the blame squarely on a democrat’s back, then it’s obviously an act of God or nature?

Oil rises to intraday record above $112

VIENNA, Austria - Oil prices rose to an intraday trading record above $112 a barrel Tuesday as the U.S. dollar fell against the euro and crude oil shipments along one U.S. pipeline were said to be operating below capacity. [...]

Crude’s rally this week started with a decline in the dollar against the euro on Monday, analysts said. Crude oil’s recent run above $100 a barrel has been largely attributed to a steadily depreciating U.S. currency because a weakening dollar prompts investors to seek a safe haven in hard commodities such as oil and gold.

“We’ve seen another swing down in the U.S. dollar so I think we saw short term traders go back into oil as a hedge against the falling dollar,” said Mark Pervan, senior commodity strategist at the ANZ Bank in Melbourne, Australia.

Stephen Schork, in his Schork Report, described the rush into oil on the falling dollar as an automatic reflex.

UPDATE:

Oil Soars Above $113, Setting New Record