Economic growth is among the most important factors to be considered when projecting changes in the world's oil consumption. And for the next 25 years, most experts believe that both OECD and non-OECD countries will experience significant fiscal development.

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In its recent 2006 International Energy Outlook, the Energy Information Administration (EIA) estimated that the average growth in GDP will be 3.8% from 2003 until 2030.

Regions that are expected to experience the most expansion are non-OECD Europe and Eurasia (4.4%), non-OECD Asia (5.5%), which includes China (6.0%), the Middle East (4.2%), and Africa (4.4%)

These projections, among others, including an eventual leveling off in production, lead the EIA and others to believe that world oil demand will increase nearly 50% from 2003 until 2030.

Fact is, there's no easy way to slow down oil demand. And until we find a new, cheap, reliable transportation fuel that can completely replace gasoline and diesel, we're stuck with oil.

In the meantime, however, there's boatloads of cash to be made in oil producers and explorers as prices continue to increase. But you don't have to own just stocks that produce the crude to take advantage of the rally. Consider drilling firms.

Before they can begin producing oil and gas, companies obviously need drilling rigs. Oil and gas producers don't own them, so they have to hire companies that do. And with so many producers interested in drilling right now, there's a shortage of equipment.

This has led to record-setting increases in the rates the offshore drillers, such as ENSCO International, GlobalSantaFe, Noble Corp. and Transocean, can charge per day.

When it comes down to it, the need for more drilling rigs is imperative. Not only are they necessary for exploration and development of the potential oilfields that companies must have to meet soaring demand, but also to defer some of their work in order to allow for equipment upgrades.

The short of it is this: Oil companies must constantly look to grow and expand or else be left in dust by competitors, many of which have already begun to invest in more rigging companies.

With the shift of drilling locations from shallow offshore areas to deep-water ones, the cost of drilling grows every day. Because many smaller oil companies have failed in the face of this cost rise, the larger companies will be forced to pick up the slack to meet the mounting public demand.

This will result in the need for drilling rigs. In the past year, the worldwide number of active rigs has risen by a mere 330, which is only an 11.9% gain! That's only HALF the number of active rigs in the early 80s.

The low number of rigs currently operating means there is a huge potential for profit, especially when one factors in the prediction the EIA has made for oil consumption in the next 20 years.