Foremost, it goes to investors, in the form of stock price increases. People such as George Bush, and many of his friends who funded his election campaign are big oil investors.
Some of it goes to investors like me, who battle between their conscience and the ever increasing stock values of oil companies.
It goes to the people who pay for election campaigns in the United States.
It goes to rich kings and princes in Middle Eastern countries so they can build more palaces and ski hills in the desert.
It goes to Nigerian politicians who promise to improve the economy, but end up tucking most of it away in Swiss bank accounts.
It goes to keep Hugo Chavez in power so he can further entrench himself in South America while insulting the USA.
It goes to the Sudanese government. They in turn use it to stay in power by violently suppressing opposition. And when the opposition don't get the point, it's used to ethnically cleanse them.
It goes to the owners and investors of big energy companies like Shell and Exxon-Mobil, who promise to invest in alternative energies, but aren't really serious because who would want to stop such a profitable racket.
It goes to Iranian leadership so they can build up military might and use it to destabilize the entire Middle East, which drives oil prices up further, which makes them even richer, so they can destabilize the Middle East even more, so oil prices can rise further...
It goes to the people of Dubai because their princes are generous and all Dubai people, thanks to the gift of sitting atop of riches, can be multi-millionaires.
But in Russia, it goes to the select few billionaires who were lucky enough to be in the grabbing position after communism collapsed.
It goes to suppress and destroy new energy efficient technologies so that the demand for oil continues to rise.