Who gets what from Middle East oil
From 2005 to 2009, the G-7 countries obtained $3522 billion from oil taxes compared to $ 3459 billion revenue by OPEC. The heaviest burden is thus borne by the consumer in form of taxes.Another factor affecting Middle East is petrodollar recycling. Over the years, oil prices have been going up creating a lot of revenue for OPEC countries. The importing countries such as the US, UK, China and Japan pay heavy prices for oil to fuel their economies. However, as Higgins, Klitgaard, and Lerman (Vol.