Re: Iraq's largest oil refinery shut by bombing! Is Saudi Arabia next?

On Feb 27, 1:22 pm, bodhi <psychedelictour...@xxxxxxxxx> wrote:
On Feb 26, 8:38 pm, sam <can...@xxxxxxxxx> wrote:



March 11 - "day of rage" in Saudi Arabia - google it!! "220 barrels"
of oil in Saudi Arabia !!!!

libya supplies less than 2% of the world's oil supply (and it dwindles
every year) with 98% of that going to europe.

from wikipedia
Oil reserves in Libya are the largest in Africa and the ninth largest
in the world ...Libya is considered a highly attractive oil area due
to its low cost of oil production (as low as $1 per barrel at some
fields), and proximity to European markets. ... Most of Libya remains
unexplored as a result of past sanctions and disagreements with
foreign oil companies.http://en.wikipedia.org/wiki/Oil_reserves_in_Libya

Qaddafi ups the ante and threatens to explode Libya’s oil reserves
February 23, 2011http://www.tradingnrg.com/qaddafi-ups-the-ante-and-threatens-to-explo...

The news from the Middle East is still pouring in, this time it comes
from Libya’s Muammar Qaddafi: according to recent reports, Qaddafi
threatens to explode Libya’s oil reserves in an attempt to cut
Europe’s supply of oil.

Libya, a member in OPEC and holds the largest oil reserves in Africa
with 44 billion barrels as of January 2010, is a major exporter of oil
mainly to countries in Europe such as Italy, Germany and France.

Furthermore, Qaddafi also continues to vows that unlike Mubarak in
Egypt, he doesn’t plan to step down as the violence in the streets of
Libya rises.

This recent news, might also affect crude oil price as the uncertainty
in Middle East rises, however it’s yet early to determined how
reliable are these threats and how will this recent uprise in Libya
will end. For one thing, Qaddafi seems determined not to step down and
this could only further the bloodshed and the turmoil in Libya

a feburary rise in fuel prices was predicted as far back as
november ....it has nothing to do with libya
.

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