Scientific Dictatorship

Global oil prices rose sharply on Monday after the initial round of western bombing against Libya was met by Libyan leader Muammer Gaddafi’s promise of a “long, drawn-out war”, which traders fear will keep the north African nation’s oil from the market.

Libya is one of the world’s largest oil exporters and a member of the Opec oil producers’ cartel. Production has already dropped to a trickle, down from a pre-crisis level of 1.58m barrels a day, according to the International Energy Agency, the watchdog...[Full Article]

Labels: Libya, oil, rising prices

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