Tuesday, October 26, 2004

Oil Exporters Rake in the Dough

Associated Press
26th October, 2004

While Americans wince as they fill up their sport utility vehicles with $2-a-gallon 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 is expected to grow this year by about $295 billion, or 27 percent, compared with 2003, according to government data. Consumers and businesses are paying substantially more for gasoline, heating oil, diesel and other products derived from crude as demand and prices surge. Read More