From The Associated Press, 10/26/04:
http://seattletimes.nwsource.com/html/businesstechnology/2002072710_oilwealth26.html

Spending on oil stokes global transfer of wealth

By BRAD FOSS
The Associated Press

While Americans wince as they fill up their SUVs with $2-a-gallon-plus gasoline, market forces are smiling on the Saudi Arabias and Exxon Mobils of the world.

A transfer of wealth of historic proportions is taking place as worldwide spending on oil -- gasoline, heating oil, diesel and other products derived from crude -- is expected to grow this year by about $295 billion, or 27 percent, compared with 2003, according to government data.

While the corresponding windfall of profits for oil-exporting nations and petroleum companies is sapping strength from the international economic recovery, it's not causing the kind of financial shock that followed the oil crises of the 1970s.

Still, experts warn that the market constraints underlying high and volatile energy prices suggest that higher oil price could be here to stay

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