Bernanke. March 1, 2011: "Bernanke said the rise in oil and global commodities prices was due to stronger demand from fast-growing countries like China, not to the Fed's stimulative policies."
Saudia Arabia Oil Minister. April 17, 2011: "Saudi Arabia's oil minister said on Sunday the kingdom had slashed output by 800,000 barrels per day in March due to oversupply, sending the strongest signal yet that OPEC will not act to quell soaring prices."
Bernanke claims his money printing policies have nothing to do with increase in oil prices. He claims it is all demand driven. Six weeks later, the largest oil exporter in the world says they have slashed output due to over supply. Below is the price chart for oil covering the last five days. Mild sell off when Saudi announced slashing of output. Then a spike back up that surpassed previous high prior to announcement from Saudi Arabia of decreasing output due to over supply. How can Bernanke be right? What has Bernanke been right on during his tenure as Fed Chief?