February 22, 2011

Libya, and $5 Per Gallon Gas?

As Libya falls into a crisis and possible civil war, there is a risk of great bloodshed for the people of that long suffering country. But for many Americans a bigger concern is whether gas prices could rise, as high as $5 per gallon.

Libya is a major provider of oil, and as the unrest throughout the Arab world threatens to spread, it is worried that oil may stop flowing to the rest of the world, and that lack of crude oil could make gas prices rise exponentially, leaving Americans paying much more at the pump.

I'd have to say personally I am more concerned with all of those human beings in Libya struggling for freedom, then whether we have to pay a little more for gas. But for those who want to continue following this story, see the link below.

Libya, and $5 Per Gallon Gas?

If political unrest in Libya spreads to other oil-rich countries and the ensuing chaos disrupts crude oil production, gas prices could hit $5 a gallon by peak summer driving season, industry analysts said.

Benchmark crude oil prices soared Monday, increasing about 6 percent to $95.39 a barrel for April contracts on the New York Mercantile Exchange as violence and a military crackdown spread in Libya, the first major oil-producer hit by a burgeoning anti-government movement. The increased violence prompted BP and Norway's Statoil to pull oil workers from the country.

Libya, and $5 Per Gallon Gas?

Posted at February 22, 2011 12:09 PM