If the price of a barrel of crude oil went up to $75, the amount that would be paid per barrel is $75.
What currency is oil denominated in?
The U.S. dollar is the main currency for trade around the world which includes the trade of crude oil.
This means barrels of crude oil are denominated in dollars. An increase of crude oil to $75 per barrel means that Americans would be $75 because they already use the currency that the oil is denominated in.
Find out more on crude oil prices at https://brainly.com/question/13624851.
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