Libya, Oil and the American Dream (ContributorNetwork) – 245th Edition

8 03 2011

ContributorNetwork – COMMENTARY | As fighting persists in Libya, oil prices rise around the world. Libya finds itself on the brink of a civil war as Moammar Gadhafi refuses to step down. With the fighting intensifying, oil production in Libya has been cut from 1.6 million to 750,000 barrels per day. Though Libya is only responsible for roughly 2 percent of the world’s oil production and Saudi Arabia has increased its production to compensate, oil prices are still more than $100 a barrel. Worried about what the rising prices will do to the U.S. economy, President Barack Obama is thinking of using some of the U.S. reserves.
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