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As BP Prepares To Evacuate Staff From A Burning Libya, Commodities Are Exploding
Zero Hedge ^ | February 21, 2011 | Tyler Durden

Posted on 02/21/2011 10:26:25 AM PST by Zakeet

Is this one of those "who could have possibly seen it coming" moments? As events in Libya overnight spiralled out of control, with dozens if not hundreds killed, the parliament buildng in Tripoli on fire, and output at one of the country's oil fields reported to have been stopped by a workers' strike, BP has said it will soon begin evacuating some of its personnel from the 9th largest producer of oil. And just to complete the total chaos, Iran warships are now going to pass the Suez on Tuesday instead of today, to the full glory of a fully open US stock market. The result: gold over $1,400; silver over $33.50; Crude front month over $93; Brent over $105; etc. Luckily, the US stock market is closed, meaning all this will be "priced in" by tomorrow, and the HFT levitation can resume tomorrow as if today never happened...

Some of the key overnight highlights:

Dozens of people were reported killed in Tripoli overnight as anti-government protests reached the Libyan capital for the first time and the building where the country's parliament meets was ablaze on Monday.

One of Muammar Gaddafi's sons said the veteran leader would fight the popular revolt that has shaken his 40-year rule until "the last man standing."

Anti-government protesters rallied in Tripoli's streets, tribal leaders spoke out against Gaddafi, and army units defected to the opposition in a revolt that has cost the lives of more than 200 people.

Output at one of the country's oil fields was reported to have been stopped by a workers' strike and some European oil companies withdrew expatriate workers and suspended operations.

Al Jazeera television quoted medical sources as saying 61 people had been killed in the latest protests in Tripoli.

It said security forces were looting banks and other government institutions in Tripoli and protesters had broken into several police stations and trashed them.

The building where the General People's Congress, or parliament, meets when it is in session in Tripoli was on fire on Monday morning, a Reuters reporter said.

The eastern city of Benghazi, where the protests began last week after the arrest of a human rights lawyer and where scores of people have been killed by security forces, was said by some residents to be effectively in the hands of the protesters.

Gaddafi's son Saif al-Islam Gaddafi appeared on national television in an attempt both to threaten and to calm people, saying the army would enforce security at any price to put down one of the bloodiest revolts to convulse the Arab world.

"We will keep fighting until the last man standing, even to the last woman standing.

Wagging a finger at the camera, he accused Libyan exiles of fomenting the violence. But he also promised dialogue on reforms and wage rises.

In an indication of disagreement inside Libya's ruling elite, Mohamed Bayou -- who until a month ago was chief government spokesman -- said the leadership was wrong to threaten violence against its opponents.

Bayou called on Saif al-Islam to start talks with the opposition.

On imminent evacuations:

BP says it is "very likely" some of the oil company's employees in Libya will be evacuated in the coming days as the violent unrest in the north African country spreads.

A spokesman for BP PLC said the company is drawing up plans for evacuating staff "in the next couple of days."

Anti-government violence has spread from Libyan cities such as Benghazi to the capital, Tripoli. Protesters are clashing with police and demanding the ouster of longtime ruler Moammar Gadhafi.

BP has about 140 employees in the country, of which less than a third are expatriates, spokesman David Nicholas said.

After passing $105 briefly, Brent has since retreated to $104.30.



TOPICS:
KEYWORDS: acceptablebullshit; acceptableviolence; commodities; energy; ethanol; hillary; jimmyqaeda2; libya; opec; revolution; unacceptable0bama; unacceptablebs; unacceptablebullshit; unacceptablehillary; unacceptableviolence
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To: potlatch

.

CORRECTION:

Another five (5) billion dollars

- Sorry!

.


21 posted on 02/21/2011 10:48:46 AM PST by devolve (. . . . . . . . . . . . "- we*ll bring a gun!" . . . . alias Jimmy Qaeda II . . .)
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To: The Comedian

Ping.


22 posted on 02/21/2011 10:48:58 AM PST by oprahstheantichrist (The MSM is a demonic stronghold, PLEASE pray accordingly - 2 Corinthians 10:3-5)
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To: Zakeet

HEY BP HOW’D THAT SUPER DEAL YOU GOT FOR RELEASING THE LOCKERBIE TERRORIST WORKING OUT FOR YOU.

A**holes. WHERE YOU GONNA GO NOW?


23 posted on 02/21/2011 10:49:16 AM PST by Marty62 (Marty 60)
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To: Zakeet

yah....oil is trading up $5.22 to over $91/bbl; and Brent North Sea Crude is up to over $105/bbl.

With the economy in such poor shape already, it won’t take much to bring what’s left crashing back down...


24 posted on 02/21/2011 10:52:12 AM PST by Bean Counter (Stout Hearts...)
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To: NormsRevenge
Wild Ride Ahead..

And ticket prices are going WAY UP.

25 posted on 02/21/2011 10:55:03 AM PST by UCANSEE2 (Lame and ill-informed post.)
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To: dfwgator; NormsRevenge

**$5.00 per gallon gas coming soon to a neighborhood near you.***

The last time Gas went up everyone was screaming “Drill here! Drill NOW!”

The greenies and fainthearts claimed it might hurt the environment! even if we drilled now the oil wouldn’t make a dent in the market for FIVE YEARS!
So nothing was done.
Well, that was several years ago and if we had drilled then we might NOW be using that oil as the rest of the world goes to hell in a handbasket.


26 posted on 02/21/2011 10:56:07 AM PST by Ruy Dias de Bivar (Visit the TOMMY FRANKS MILITARY MUSEUM in HOBART, OK. I did, well worth it!)
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To: Zakeet

I have foreseen:

1. Revolution spreading across Africa, Asia, S. America, and....N. America.

2. Supply disruptions combined w/ increasing money supplies and increasing velocity creates inflation.

3. Economies crashing as people discover they cannot make house payments while still eating and driving to work.

4. Porkulus runs out. Pubbies cut deficit. Governments lay off workers. Companies and individuals declare bankruptcy. Pension funds start running dry.

5. It becomes obvious that the economy is in further decline.

6. Deflationary crash for RE, stocks, and bonds.

Real Old Testament Stuff starts.

And finally, a glimmer of hope. The People wake up to find that the environazis WANT economic decline and the commies have not a clue how to actually create prosperity.

America muddles through again.


27 posted on 02/21/2011 11:02:20 AM PST by darth
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To: fhayek

Nope. It’s Presidents’ Day. The WH and Obama took the day off according to his official agenda.


28 posted on 02/21/2011 11:06:40 AM PST by BuckeyeTexan (There are those that break and bend. I'm the other kind.)
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To: fhayek

Nope. It’s Presidents’ Day. The WH and Obama took the day off according to his official agenda.


29 posted on 02/21/2011 11:06:44 AM PST by BuckeyeTexan (There are those that break and bend. I'm the other kind.)
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To: Dr. Bogus Pachysandra

Roy Orbison.


30 posted on 02/21/2011 11:09:33 AM PST by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: Ruy Dias de Bivar

5 dollar gas has some real benefit
like nailing shut the coffin on Baraq’s 2012 election hopes


31 posted on 02/21/2011 11:13:58 AM PST by nascarnation
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To: NormsRevenge

I believe an investment in Lead would be more profitable,than Gold or Silver, in the future!
http://www.cheaperthandirt.com/ItemListing.aspx?catid=684


32 posted on 02/21/2011 11:17:31 AM PST by GOYAKLA (Flush Congress in 2010 & 2012)
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To: BuckeyeTexan
Nope. It’s Presidents’ Day. The WH and Obama took the day off according to his official agenda.

Jeez, this guy works less than a Wisconsin public school teacher.

33 posted on 02/21/2011 11:18:10 AM PST by fhayek
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To: Dr. Bogus Pachysandra; Jim Robinson

Yes she did, in 1977, but it was written and performed by Roy Orbison in 1963.

http://en.wikipedia.org/wiki/Blue_Bayou


34 posted on 02/21/2011 11:47:14 AM PST by savedbygrace (But God.)
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To: Zakeet

“... but fortunately, you Freepers don’t need to worry because the Wee Wee is preoccupied with more important matters like protecting Wisconsin teachers’ unions “
Yes, that and helping to coach 8 year old girls basketball.


35 posted on 02/21/2011 12:48:25 PM PST by Just A Reader
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To: ronnie raygun
It is reported that our government knew that this was in the wind for months. So the price of oil is going through the roof as a result. And we still are debating the need for drilling.
36 posted on 02/21/2011 1:09:02 PM PST by ANGGAPO (Layte Gulf Beach Club)
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To: NormsRevenge

“California is well on its way to 5 buck gas.....”

Ironic, isn’t it, considering the wealth of oil just off the California coast, and the vast amounts underneath the California land mass. I heard there was an estimated one billion barrels of oil underneath Los Angeles alone.

If only there was the political will to extract it. Thank-you, democrats and RINOs.


37 posted on 02/21/2011 1:29:43 PM PST by july4thfreedomfoundation (A Jimmy Carter got us a Ronald Reagan......A Barack Obama will get us a Sarah Palin)
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To: ANGGAPO

There ya go again, thinking that the left has the same goals as humans with common sense.

Do you think “energy policy” to them is about actually having enough energy for everyone to use?

It’s not. It’a about control. You can control a non-mobile population much easier than a mobile one.


38 posted on 02/21/2011 1:36:39 PM PST by MrB (Tagline suspended for important announcement on my home page. Click my handle.)
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To: Zakeet

Thank God we’re not drilling in our country...(/sarc)


39 posted on 02/21/2011 1:36:39 PM PST by Qbert ("I seem to smell the stench of appeasement in the air" - Margaret Thatcher)
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To: july4thfreedomfoundation

It’s as if folks elsewhere are paying ‘em off..

Heck, China will own the land in a century, we’ll all be gone but the oil&resources will be intact for the ‘inheritors’. Soros will be long gone too.. a silver lining indeed.


40 posted on 02/21/2011 1:48:52 PM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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