the US dollar to continue its decline to a point where $2=€1, is that really representing a significant increase in "real" terms (obviously it's an increase over the current price)?  To the degree that the nominal price of oil remains factored in dollars, a decline to a $2/€1 ratio would itself cause much of that rise.  But is that genuinely meaningful outside the U.S. if the relative price in the local currency changes much less?  Rather than representing a 90%+ increase over the current price, for Europeans, it would instead be less than a 50% increase (assuming a current exchange rate of $1.578=€1.00 and an oil price of $105.62 based on Friday's market close in New York, making the current price €66.92).

I'm not saying that the new target isn't a worthwhile one on which to focus, but that if we're really interested in tracking the "true" price of oil (and not currency fluctuations), use of either a market basket of currencies or a fixed historical exchange rate would better serve the project.