My Partial Oil Solution

I have a partial solution to the volatility of oil prices. As you know, oil is priced in US dollars. Over the past several years, as the USD has gotten hammered, oil has continued its upward trajectory. Many so-called 'experts' agree that oil prices have an inverse relationship with the USD. Clearly, this sort of dependence is rather risky, as we're finding out in the current environment.

My solution - and I'm not sure if it's been suggested before, but I'm guessing that it's certainly not a novel idea - is to price oil using a basket of currencies. In other words, we should price oil as follows: 0.25 USD + 0.25 EUR + 0.25 YEN + 0.25 GBP. I've randomly picked YEN and GBP, but any other major currencies can be used. This also doesn't have to be an equal weighted index, but could use a different methodology. Either way, the point is that we need to reduce the volatility of an extremely important commodity like oil and its dependence on a single currency.

You can even take this further and price all commodities like this to avoid ridiculous rice and wheat riots.