[Owen]

Two points:

1) Oil hit its recent, world destroying price spike in summer of 2008, when Libya was at full production.

2) When Libya went offline in March, we were told Saudi Arabia and Kuwait were ramping up production. There was some trouble doing so, but just last month we were told Saudi finally was producing more oil. With Libya coming back online, assuming that happens in the next 2 years to previous rates, why would anyone think the Saudis and Kuwaitis will keep their spigots open, draining away reserves they’d like to have for the future.

I see a non event here.

[SAJ]

The only event here is that the WTI-Brent spread will start to normalise.

Even jihadi bozos have to pay the bills, right?

The world price of crude should not be significantly affected by Qaddafi's elimination, overall, and in that sense ONLY, this is a non-event.