Death Spike

Oil Costs Increase As Gadaffi Refuses To Leave Turmoil In Libya

Because of unrest in Libya, oil prices have begun climbing and stock markets are beginning to droop. Libya is a major oil exporter. The turmoil in the region could bring oil exports from Libya to a standstill, which would wreak havoc in the Mediterranean. Libyan ruler Muammar Gaddafi has refused to leave office. Several protesters are calling for him to leave after four decades in power.

Using demonstrations to make it impossible for gas producer Libya to continue

The Los Angeles Times reports that the North African nation of Libya having such turmoil has brought on a serious issue in stock markets due to oil producing nation instability. Tues, Feb. 22, the price of crude gas went up which meant the Dow Jones Industrial average slid over 178 points down. From Monday to Tues, crude gas futures went from $91.43 to $94.49 a barrel. After gas minister of Saudi Arabi, Ali Ibrahim Naimi, made an announcement that any shortfalls in Libya would be made up with the Organization of Petroleum Exporting Countries, the oil prices went to $93.57 a barrel.

Hoping to stay is Gaddafi

The Telegraph reports that Libya ruler Muammar al-Gaddafi claims he will not leave his post. During protests in other nations, the rules have been showing lots of empathy for the individuals. Gadaffi just promised more bloodshed with Libyan protests while on Libyan state TV. Gadaffi said he would use the death penalty on demonstrators and said he is completely justified in the use of force against dissidents who are calling for an end to his four decades at the helm of Libya. He doesn’t plan to “die a martyr.” He said this won’t take place.

Posts not kept in Libya by officials

In an expression of solidarity with the demonstrators, several key Libyan officials and diplomats have left their posts and in some cases defected, according to the Christian Science Monitor. Several ambassadors have asked that the fighting end from the United Nations, India, Australia and the United States. Loyalists and security forces have shot demonstrators, and states are emerging that African mercenaries have been called in by Gaddafi to shoot at crowds. Members of the Libyan military still loyal to Gaddaffi have used jets and helicopters to fire on protesters.

Citations

Los Angeles Times

latimesblogs.latimes.com/money_co/2011/02/stocks-end-sharply-lower-as-oil-hits-two-year-high.html

The Telegraph

telegraph.co.uk/news/worldnews/africaandindianocean/libya/8341683/Libya-Col-Gaddafi-threatens-to-unleash-mob-rule.html

Christian Science Monitor

csmonitor.com/World/terrorism-security/2011/0222/Qaddafi-deserted-by-Libyan-diplomats-amid-brutal-crackdown

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