There's a common misconception that oil profits are a very, very bad thing.
This is in spite of a general acceptance of the idea that corrupt governments use oil revenues to oppress their people. Nigeria is a great example.
The thing is, if profits from oil went freely to private industry, they would be reinvested in an attempt to maximize wealth further. Sure, some rich people would get richer, but they usually employ an awful lot of people to get there. It's fairly likely that more investment would occur in a great deal of places where development is sorely needed.
When governments control oil and when oil companies need to use their profits to bribe governments to allow them to stay in business or to lobby governments to squash competition, governments can use that money for whatever they want - and all too often what they want is to oppress people. Whether it's through outright war and violence or through laws that restrict the way people and businesses operate in their country, this oppression the stable development that many of these countries need in favour of welfare and aid programs dependent on the whims often unstable regimes - if those living under the government are lucky.
Call me crazy, but I'll take the profits.
(cross-post to Bureaucrash)