Tapping into the Strategic Petroleum Reserve to help offset rising oil prices is another way to keep prices stable, albeit short term.

FORBES: On Washington, Investor Confidence At Zero

Exxon's oil refining business saw higher margins but this was offset by a 7.5% drop in oil and gas production.

BBC: Royal Dutch Shell and Exxon Mobil see profits fall

Admittedly these gains for developed economies are being partly offset by higher prices for oil and other raw materials, which China also needs to import (of which more in the next article).

ECONOMIST: The halo effect | The