<p>Between January 2002 and August 2008, the nominal oil price rose from $19.7 to $133.4 a barrel. This led to a large increase in oil revenues for oil exporters and a deterioration of the current account for oil importers. Between 2002 and 2006, net capital outflows from oil exporters grew by 348%, becoming the largest global source of net capital outflows in 2006 (McKinsey 2007).</p>
<p>Capital outflows from oil exporters therefore played an important role in the global liquidity glut during the build-up to the US subprime crisis.</p>
<p><a href="http://www.energybulletin.net/stories/2012-05-24/greasing-wheel-oil%E2%80%99s-role-global-crisis">read more</a></p>