My first blog post was about how gas prices were at historic heights all over the world. That post was more focused on how it affected the US, but it also mentioned that the world was also taking a hit. Today I am talking about Europe, and specifically the currency that many countries use there. The Euro has historically been bigger than the dollar, at some point 1.6 dollars was equal to 1 euro, but it has reached a 20 year low. As of July 26th, 1.01 Dollars is 1 Euro. The downwards trajectory of the Euro is due to the sanctions on Russian oil, but why is the Euro getting hit worse than the dollar, if the sanctions affect both. The short answer is that while Europe has tried to cut deals, make emergency energy plans and prepare for a gas guzzling summer with limited resources, the US is able to rely on reserves and other avenues to gain gas. The energy shortage in Europe is much more severe than it is in the United States. This energy shortage has caused mass inflation all over the world, and to combat it, the US hiked interest rates early, slowing down the inflation. The problem with hiking interest rates is that it contributes to unemployment, and the US made the decision that they were not scared of the fallout of increasing interest. The EU finally is making that decision now, after many countries are in an energy crisis and jobs are already being lost. While there is no clear winner in this situation, I cannot help but think that the US has come out looking a little less worse for wear. 

https://www.cnbc.com/2022/07/07/euro-continues-to-slide-toward-dollar-parity-and-could-fall-even-further.html