Why does the price of gold rise with the price of oil?

I noticed on the 30yr price history of gold that the 2 major spikes were during the Oil Embargo of the late 70's and currently.

Public Comments

1. don't know, but the price of rice is going up too, that can't be good...
2. that's because oil is black gold.
3. One of the explanations is inflation. High oil price causes inflation and gold is regarded as an inflation hedge. However, you can't take this relationship for granted.
4. CONSPIRAAAACYYYY? =o