Why This Oil Boom is Different

This oil boom that we are experiencing in the 2000s is supposed to be different because of what is being done with the money that we are getting from the petroleum which is called petrodollars. During the 1970s the petrodollars were not spent and instead were put into savings. Without spending that money, the economy became depressed. But recently the money has been spent.
In the 1970s the Middle East was extremely underdeveloped so they had nothing to spend the petrodollars on so they just deposited it in banks and kept the money from going back into the economy. Now, however, The Middle East is more developed and are investing their petrodollars in making improvments such as building ski slopes. By doing this, more jobs are being created which is helping the economy.