From Reuters:
Feb 24 (Reuters) – Oil production in Libya is expected to shut down completely and could be lost for a prolonged period of time, Bank of America Merrill Lynch said on Thursday.
“We expect Libyan production to be shut down completely and we might lose sweet crudes from Libya for a prolonged period of time,” Bank of America Merrill Lynch analyst Sabine Schels told Reuters.
Schels said that the world faced the prospect of real supply shock in which the loss of 1.6 million barrels per day of sweet oil could potentially trigger a steep rise in prices and force a sharp reduction in demand to balance the system.
“Some of the supply can be replaced with Saudi light crude and some from SPR, but if the disruption is prolonged, we will need demand to drop to balance the system,” Schels said.
Stand by. Impact coming.
BZ
The gas prices here have skyrocketed to $3.25 a gallon! Unbelievable and this is just the beginning. I fear for small businesses and church attendance.
Those of us who are not wealthy are seriously going to feel the weight and crunch of the high gas prices. God help us.
US, French, and British Military advisors are now in Eastern Libya.
More info here:
http://www.debka.com/
They are trying to keep Benghazi open… And probably WILL be successful as long as Gaddafi doesn’t blow up the production facilities…
3.26 a gallon here.
Time to “lock and load.
Curtail all travel. Be aware of your surroundings.
Do not take any trips anywhere unless you are “prepared”.
No one, I mean NO ONE can guess what the lunatic Khaddafi will do.
The man is delusional and has been since his inception.
— however, he was smart enough to remove his WMD during Bush’s tenure.
Crazy but not stupid.
BZ