Economics, business: the US dollar in 1970 vs today, part 2

Self-tutoring about economics and business: the tutor continues about today’s value of the USD.

In yesterday’s post I mention how the US dollar’s value compares to gold now vs in 1970.

In my January 11, 2023 post I mention the possible interpretation that the US dollar is actually backed by Saudi oil. Let’s imagine that’s true, and see how it’s fared since 1970.

In 1970, oil was $2.96/barrel. Today it’s $79.29. Therefore, at this moment, the US dollar seems to be worth about 3/80, or about 3.8%, of its 1970 value.