First, the recent rises in crude oil prices have not been caused by oil production capacity constraints. Rather, they are to a large extent attributable to an expansion of demand mainly in emerging countries, whose economies have enjoyed rapid growth.
Second, rises in oil prices tend to cause income transfer to oil-producing countries through deterioration in the terms of trade of non-oil producing countries, thereby boosting the purchasing power of the former. The critical point in this regard is how the increased income is spent.