Posted on 02/24/2011 5:56:57 PM PST by Walts Ice Pick
ROME - Turmoil in Libya has cut its oil output by 75 per cent or 1.2 million barrels per day, Italian oil company ENI said, but the West's energy watchdog said the reduction in supply may be much lower.
Oil surged on Thursday to near $US120 a barrel because of the disruption to output in Africa's third-largest producer, even though leading OPEC producer Saudi Arabia has said it is willing to make up for any shortages.
ENI Chief Executive Paolo Scaroni said the unrest in Libya had both cut production and triggered speculation in the market. ENI is Libya's biggest foreign oil operator and has had to cut some Libyan output, as have a number of rivals.
(Excerpt) Read more at businessspectator.com.au ...
Another huge gas price jump tonight or tomorrow morning. Ready for $4.00 to $5.00 by March lst.
Here at home, Oil production is on crutches and is about to give them up for a wheelchair.
You know what, though? The day may soon come when we’ll be glad that we didn’t use our own reserves first. Things could get rough.
Top world oil exporter Saudi Arabia is in talks with European companies affected by the disruption in Libyan supply and is willing and able to plug any gaps in supply, senior Saudi sources said on Thursday. Oil industry sources said Saudi officials have been in touch with Spanish and Italian oil firms — among those hit by the Libyan shutdowns. The companies were assessing their needs and have yet to ask for any more Saudi oil. The Saudi sources said Saudi Arabia was able to pump more of the kind of high-quality crude produced by OPEC member Libya and that it could be shipped quickly to Europe with the help of a pipeline that crosses the kingdom.
http://www.latimes.com/sns-rt-libyasaudi-update-n2447746-20110224,0,384989.story
- - - - -
Saudi Arabia and other OPEC nations including those in West Africa are willing and able to replace any lost Libyan oil, including crude of the same quality, a Saudi Arabian oil official told Bloomberg by telephone today.
http://www.bi-me.com/main.php?id=51250&t=1&c=35&cg=4&mset=1011
“”Another huge gas price jump tonight or tomorrow morning. Ready for $4.00 to $5.00 by March lst.””
Didn’t you hear obozo say today that he’s not concerned about gas prices? How about we demand he destroy our credit card for our cars and our plane???
Re Saudi Arabia saying they’ll make up the shortage in Libya - remember El Presidente Fox in Mexico saying the same thing after 9/11? Not to worry!!! Everyone plays us -the U.S. - for fools!!!
Bush was beat-up for “fighting a war for oil” when he did no such thing, but it may come to that one day.
“”The day may soon come when we’ll be glad that we didn’t use our own reserves first.””
Watch obozo make sure that happens!
From the article:
Muammar Gaddafi blamed a revolt against his rule on al Qaeda leader Osama bin Laden, and said the protesters were fuelled by milk and Nescafe spiked with hallucinogenic drugs, in a rambling appeal for calm.
. . .
Gaddafi, battling to preserve his 41-year rule and his "Third Universal Theory", outlined in his "Green Book", offered condolences to those killed in the bloodshed and called for calm among people he said were fighting among themselves. Saying bin Laden was "the real criminal", Gaddafi urged Libyans not be swayed by the al Qaeda leader.
I wonder if Gaddafi was able to watch Glenn Beck's TV show in Libya.
With oil at $120 you will see a whole lot more drilling here in the US.
When gas gets to $5 a gallon even the muslim faggot in the WH will have to act, and if he doesnt he'll be tossed out in 2012 and the Saudis and all of the rest of the islamonazis will be fresh out of friends at 1600 Pennsylvania.
You're right. In fact, they wouldn't have any desire to use oil for anything if not for western technology.
““”Another huge gas price jump tonight or tomorrow morning. Ready for $4.00 to $5.00 by March lst.”””
MIssion Accomplished!
DRILL HERE, DRILL NOW, PAY LESS
We’ll still be giving a lot of money to a regime that hates us, though....
Lybia produces only 2% of the world’s oil supply yearly so why would that cause massive price spikes other that moronic panic?
So how are they going to feed the people of Libya if they have no oil revenues coming in?
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