NEW YORK — Americans grousing about soaring gasoline prices often focus on the big oil companies and anyone else who might profit when costs jump at the pump. But one factor that doesn't always get fingered when prices rise — a weak U.S. dollar — could draw more attention in the coming year.

The greenback's slide against the Canadian dollar and other major currencies in recent years has helped drive up prices in the United States for energy and food and, in turn, contributed to the economic hardship some consumers face.


A further drop in the U.S. dollar in 2008 could spell more trouble.

Dave Minucci listens to the chatter on Wall Street about the flagging dollar but doesn't have to look far to cast his own assessment. A recent home-heating bill was $120 (U.S.) higher than at the same time last year.

But Mr. Minucci doesn't blame lower temperatures. The chill he feels is from higher energy prices and a weaker currency.

He sees what many Americans may not realize: With commodities — from oil to natural gas, grain and meat — priced in dollars and becoming more expensive as the greenback falls, consumers have to take more out of their wallets to buy the same amount of goods. And a lower dollar can also raise the cost of imported goods — with the increase often passed along to consumers.

“I think we're in trouble with the weak dollar,” said Mr. Minucci, who works in the Capital Markets Finance group at JPMorgan Chase.