Saudis Driven into Poverty by High Oil Prices

Aljazeera International explains how high oil prices are hurting ordinary Saudis, driving up the cost of their food and imports. The petroleum is owned by the government and profits go to it. It is hard for the government to inject the money into the economy without risking high inflation (too much money chasing too few goods), which would create an effect like a dog chasing its tail. High inflation would eat up the value of the extra money. The extra money is therefore invested abroad. Good for us, bad for most Saudis.

So, yes, high oil prices are making ordinary Saudis poorer, just as with the rest of us.

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