This paper examines the causes and conditions which led to the rising oil prices in the international markets. Oil prices are influenced by many factors like supply and demand, political stability, particularly in the oil producing countries, the value of US dollar against famous world currencies and the factor of psychology in the oil market etc. The special attention is paid to the weakness of US Dollar against the world currencies and particular against the Slovak and Czech Crowns and its effect on alleviation the impact of high oil prices on consumers of fuels and on economies of both countries at all. By the statistical calculation it was proved, that the appreciation of the Slovak and Czech Crowns against the US Dollar have absorbed substantially the high prices of crude oil in both Slovak and Czech countries.
Financed by the National Centre for Research and Development under grant No. SP/I/1/77065/10 by the strategic scientific research and experimental development program:
SYNAT - “Interdisciplinary System for Interactive Scientific and Scientific-Technical Information”.