Duluth News Tribune, MN: Who is in pain, and who stands to gain? (ShellNews.net)
Posted on Tue, Oct. 26, 2004
The wealth transfer: Worldwide spending on oil is expected to grow this year by about $295 billion, or 27 percent, from 2003.
Who gains?: Oil exporters such as Saudi Arabia and Russia, and private oil giants such as Exxon Mobil and Royal Dutch-Shell Group.
Where's the pain?: While American drivers grumble about $2-per-
gallon gasoline, the real damage will be done to poor, developing countries, which tend to be more dependent on imports and are less energy-efficient.
Is $50 per barrel a big deal?: Not in inflation-adjusted terms. Soaring oil prices are slowing global economic growth but not causing the kind of financial shock that followed the oil crises of the 1970s.