An EIA report stated that OPEC member nations were projected to earn a net amount of $1.251 trillion in 2008 from their oil exports.OPEC to earn $1.251 trillion from oil exports - EIA, Reutrs Because oil is both important and expensive, regions that had big reserves of oil had huge liquidity incomes. However, this was rarely followed by economic development. Experience shows that local elites were unable to re-invest the petrodollars obtained through oil export, and currency is wasted in luxury goods.Understanding New Middle East, Behzad Shahandeh, The Korea Times, 31 October 2007
