Tuesday, November 20, 2007

Oil is giving wealth to emerging markets

The price of oil has always been high, now oil is trading close to $100 a barrel. Many African countries are looking at this new revenue source with opened arms and hopes that it will bring growth into other sectors.

Many are taking note of emerging markets new found wealth.

Oil spike redistributes wealth
November 18, 2007

By Steven Mufson

Washington - High oil prices are fuelling one of the biggest transfers of wealth in history. Oil consumers have pumped more than $2 trillion (R13.3 trillion) into the coffers of oil companies and oil-producing nations this year alone. Every day they are paying between $4 billion and $5 billion more for crude oil than they did five years ago.

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