Oil prices surge 6% on Libya unrest

Source: CNN Money

NEW YORK (CNNMoney) -- Oil prices jumped 6% Tuesday, spiking as high as $98 a barrel earlier in the session, as the crisis in Libya sparked concern that the turmoil roiling the Middle East could spread to other producing countries -- including Saudi Arabia.

U.S. crude for April delivery rose $5.71, or 6.4%, to settle at $95.42 a barrel in midday activity. The U.S. market was closed Monday for a holiday, although there was a 6% gain in international trading.

Unrest in Libya has entered its eighth day, fueled by protestors against high unemployment and dictator Moammar Gadhafi's 42-year reign. At least 233 people have been killed since protests began, according to Human Rights Watch.

Gadhafi appeared on state-run television in front of his Tripoli home, the damage still evident from a U.S. bombing in the 1980s, in response to Western news reports that he had fled the country.

Read more: http://money.cnn.com/2011/02/22/markets/oil_libya_markets/index.htm

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This is a huge story, and if anything it's being underplayed here.

:(

With oil prices rising sharply on the back of the crisis in Libya, the head of the International Energy Agency has warned crude prices hitting $100 a barrel could be bad news for economic growth.

"That is our concern, regardless of the margins of disruption, if the $100 per barrel of oil is continued in 2011, the burden of oil to the global economy is as bad as 2008," Nobuo Tanaka, the Executive Director of the International Energy Agency told CNBC on the sidelines of a major oil conference in Riyadh.

Nubuo's comments come amid escalating violence and protests in Libya. In a speech Tuesday, the nations' beseiged leader, Muammar Gaddafi, defied calls to step down, saying he would hold his post and die a martyr if necessary.

Oil traders told Reuters Tuesday that the nation has declared a force majeure on oil exports. U.S. crude prices remained sharply elevated, trading more than 5 percent higher Tuesday.

http://www.cnbc.com/id/41714336

NEW YORK Feb 22 (Reuters) - Time magazine's intelligence columnist reported on Tuesday that Libyan leader Muammar Gaddafi has ordered his security forces to sabotage the country's oil facilities, citing a source close to the government.

In a column posted on Time's website, Robert Baer said the sabotage would begin by blowing up pipelines to the Mediterranean. However he added that the same source had also told him two weeks ago that unrest in neighboring countries would never spread to Libya -- an assertion that has turned out to be wrong.

"Among other things, Gaddafi has ordered security services to start sabotaging oil facilities," Baer wrote. "The sabotage, according to the insider, is meant to serve as a message to Libya's rebellious tribes: It's either me or chaos."

The growing violence in Libya has forced a number of oil companies to shut in production in Africa's third-largest oil producer and disrupted flows from the country's export terminals.

http://af.reuters.com/article/energyOilNews/idAFN2230027420110222

they're part of the war industry

We saw this horseshit with Egypt.

the world news reported that very little libya oil comes our way , and is sold mostly in europe . they also said that there is no threat of it being shut down , and saudi arabia is saying the world is well supplied with oil and any disruption of supply could be made up by them . this is all about the wall street speculators and their greedy little fingers screwing us all

:shrug:

$3.09 to $3.35.

On way home from work at 3:00 - $3.35. All three stations at my corner, identical at both times. I am lucky that I am less than a mile from work, and fill up only once a month. It was too cold & slippery to walk today

blamed on Obama, the rightwingers will say he should have allowed more drilling here while he pursued alternative green energy sources..... i.e., once we have the valid renewable source whatever it turns out to be and once it is fielded then who cares if we drilled up all the oil in America we won't be using it anymore anyway....

K&R

here is SE Mich.

http://www.reuters.com/article/2011/02/22/us-markets-oil-idUSTRE71192R20110222

So that guarantees a 200% profit over Lybia producing oil normally. What a crisis!

(Edit: But someone better check my math, because there's a reason why I don't steal your diaper money for oil profits.)