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Possible Way to Benefit from Higher Oil Prices?

April 22, 2008

By MoneyRates Team | Money Rates Columnist

Crude oil futures set a new intra-day record today of $119.86 a barrel after closing at a record close Monday of $117.48. In some cities gasoline is over $4 a gallon while the national average is a record high of over $3.50 a gallon. Analysts are quoting oil supply worries and a weak dollar as the main reasons for the prolonged increase in gas prices. Consumers, who feel the costs of higher gas prices more than anyone, do have a way to benefit from higher gas prices without aiding the oil companies and Middle Eastern countries who are the ones benefiting from the extraordinary prices. EverBank, a bank based in Jacksonville Florida, is offering multi-currency investments whose return consists of the appreciation of the currencies of oil-producing countries versus the US dollar and a fixed rate of return. If the currencies in the EverBank investment fall in value versus the US dollar then investors can lose principal. The fixed portion of the investment varies from 2% to 3.79% depending upon the currencies involved. An investor in one of the petrol-based currency investments can benefit from an increase in oil prices without investing in the oil companies or a Middle Eastern countries who are both widely viewed by the American consumer as profiting greedily at the consumer's expense.

More details about the EverBank multi-currency investments including online applications are here.

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