Every time you fill up your sedan or SUV you can’t help but remember oil is trading near $100 a barrel.
Of course, that money flows back to the Middle East, but where do the petrodollars go from there? Apparently, right back into American business!
For example, in August Dubai took a 10% stake in the second largest casino operator in the world: Las Vegas based MGM Mirage (MGM).
In September, Dubai bought a fifth of the NASDAQ (NDAQ) stock market, the trading home of Google.
And on Monday night, oil money made a move on the financials. The government of Abu Dhabi bought a 5% stake in beleaguered bank Citigroup. (If you read us regularly, you remember that earlier this month we told you that might happen.)