and i back up my point here...
Quote:
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While Libya only contributes about 2 percent of world oil production, the situation is being closely watched for its potential to spawn political uprisings in other member nations in the Organization of the Petroleum Exporting Countries, including Saudi Arabia.
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wth? 2 percent? so prices have to jump...
Quote:
In London, the price of Brent crude, widely used as a global benchmark for prices, jumped $3.22 to close at $105.74 a barrel, after spiking as high as $108.70 earlier in the day.
U.S. benchmark crude climbed $6.90 to $93.10 a barrel in electronic trading early Monday evening after a day when most U.S. financial markets were closed for the Presidents Day holiday.
"What we're seeing now is not a disruption in supply, but a nervousness that a disruption could take place," said Larry Goldstein, a director with the Energy Policy Research Foundation in Washington.
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really? come on people smell what your shoveling.
anyone interested..this is the article from the
houston chronicle