Ace, a falling greenback has something to do with it, but you show just over a 10% fall in the dollar over 2yrs, oil has gone up by that much in about a month!! Anybody who blames one factor will be wrong because this is a perfect storm of falling dollar, money growth rocket fuelling derivitives trading, a supply crunch from the production plateau, geopolitical problems becoming endemic, a global economy that doesn't fall just because the US is having problems and the risk of more hurricanes from global warming. Most of these factors appear far from the peak of their cycle, the only potential bearish factor is the stability of the global economy if commodity prices cause too much inflation, but that is some time off and most governments will print money to stave off a crisis, which could further fuel speculation.