Violent democratic protesters clash in Libya with ‘an official Death toll at 250+’ (no. dated last night), this may affect us at home more than we think.
“Libya, where Muammar Gaddafi’s son, Seif al-Islam Gaddafi, warned protesters on Sunday that they risked igniting a civil war in which Libya’s oil wealth “will be burned”. By early afternoon in Europe, benchmark crude for March delivery was up $US3.10 to $US89.30 and it ended the London trading day at its highest price since 2008″
So as a point of topic, controvercy and debate how much do we want these dictators to be overthrown? deals and contracts thrown out the window, leaving civil war and anarchy?! will all in all, it be benificial?
“Compared to Tunisia (a minor crude exporter) or Egypt (not an exporter but a transit country), instability in Libya is a major concern to the oil industry,” said analysts at JBC Energy in Vienna.”particually if the unrest spreads through the region”
We supported Egypt, but now that we know we have more to loose over a longer period…will we still wave the democratic flag for Social Justice?
Read more about petrol effect http://www.smh.com.au/business/world-business/oil-industry-braces-for-fallout-from-libya-20110222-1b2tn.html