Markets forecastthefuture, and if growth from China, which Petrowski estimates accounts for around half of the increase in oil demand, continues to rise, then oil futures will continue to rise.
The lack of any monetary rule to constrain the Fed and the lack of any convertibility principle, as existed under the classical gold standard, means the Fed has a monopoly on base money (currency held by the public plus reserves), the supply of which is determined by a small group of Fed officials who presume to be able to forecastthefuture.