Just a few thoughts:
Firstly, inflation is an economy killer!! If they do not get a handle on it here quickly they will see a rather ravaged economy. In the rest of the world it leads to stikes and labour unrest as the average guy tries to keep up. Here it will mean a large exodus of skilled labour.
Secondly, oil can go to $1000 barrel if it wants. The ME still feels it because they produce NOTHING. Everything is imported. So as oil goes up so does the cost of those imports. They may make more money with the oil increase but that money feeds into relatively few hands. So some get rich while the rest pay more for everything. They can increase salaries but that feed into inflation again.
As for the shift in wealth that might be true to some degree. The reverse is true as well. With high oil prices the restructuring will be tough but over a period of 5 years or so you will see many of the jobs that left North America and Europe return as the costs of shipping and carbon taxes skyrocket.
This type of upheaval will hurt the developing world more than help it. Already they are saying that the gains Africa made over the last 20 years are almost wiped out with the increase in food costs alone. Wait until the rest of the increases feed through the markets.