Libya and Oil

I have seen two newspaper reports refer to Libya as an "oil-rich nation."

It isn't.

Libya produces about 1.8% of the world's crude oil. Often it is rounded up to 2% to make it easier.

Saudi Arabia has announced that they can, and, if necessary, will, make up any Libyan shortfalls in the world market. The US gets little to no oil from Libya.

So why the huge run up in gas prices? Run ups of 20 to 30 cents in hours?

I think we know the answer......

When Mr "Hope and Change" ran for office, gas was at $4 a gallon and it destroyed the economy. It is heading there again and we hear nothing from the White House.

The oil industry assures us that this is a temporary spike.

Really? We heard the same thing when Katrina smashed into New Orleans and disrupted the Gulf oil platforms production.

The sad thing is is that we cannot blame OPEC for this.

It is Americans inflicting pain on fellow Americans....again.

Who needs al-Qeida?