Well, he has a point. Debasement of the currency via inflationary monetary policy has a great effect on the price of all commodities including oil. Oil priced in gold or silver is pretty much where it was in 1971. Taking away the gold backing for the FRN$ is THE proximate cause of the increase in the price of oil. Supply and demand and political vagaries also influence the price, but there is no denying that currency debasement plays a very large role.
Only at the pump price. The effect of the FRN$ on the cost of oil
prodution isn't a factor. 'Drill here, drill now' assumes an oil company can improve profits while investing billions in domestic oil production in a country where there are no lines at the gas station.
