The weakening of the dollar since 2008 has added 56.5 cents to the price of gasoline,the congressional Joint Economic Committee (JEC) has found. 
The average price of gasoline would be $3.40 per gallon, instead of the current average price nationally of nearly $4, if the dollar hadn't declined, says the Weekly Standard.
The average price of gasoline would be $3.40 per gallon, instead of the current average price nationally of nearly $4, if the dollar hadn't declined, says the Weekly Standard. - They blamed the Federal Reserve and its efforts to spur economic growth for the price increase.
- "Since the Fed launched its program of quantitative easing in late November 2008, the value (trade-weighted) of the U.S. dollar has declined 14 percent," the study calculated.
- "The declining value of the U.S. dollar has added $17.04 per barrel to the price of oil (Brent Crude)," thus driving up the price of gasoline.
The study used several yardsticks to measure the dollar's effect.
- For instance, while the price of oil has risen 150 percent in the United States since the end of 2008, it has gone up only 96 percent in Canada.
- The Canadian dollar's value has strengthened in recent years against the U.S. dollar.