Due to unrest in Libya, oil prices have begun climbing and stock markets are beginning to droop. Libya is a major exporter of oil, and unrest in that nation can lead to a drop in the output of oil. After four decades of rule, many are calling for Muammar Gaddafi to abandon power though he staunchly will not do so. Article resource – Oil prices spike as Gadaffi refuses to leave turmoil in Libya by MoneyBlogNewz.
Using demonstrations to make it extremely hard for gas producer Libya to continue
Instability in a gas producing nation has brought on the stock markets to slide, the Los Angeles Times reports. This is due to the unrest going on in Libya in North Africa. During trade on Tuesday, February 22, the Dow Jones Industrial average went down over 178 points. This was because of crude costs increasing. The futures for crude oil went up from Monday to Tuesday quite a bit. It went from $91.43 a barrel to $94.49. Eventually, the crude oil prices changed to $93.57 per barrel. This was after an announcement from the oil minister of Saudi Arabia, Ali Ibrahim Naimi, made it clear that all shortfalls in Libya would be made up by the Organization of Petroleum Exporting Nations.
Gaddafi wants to stay
The Telegraph states that Libya ruler Muammar al-Gaddafi claims he will not leave his post. Gadaffi spoke on Libyan state TV saying the Libyan demonstrations would mean more bloodshed which is unlike other rules of countries that have showed empathy during protests. After four decades of being in charge of Libya, Gadaffi feels like he deserves his post. He feels like it’s perfectly acceptable due to this to use the death penalty on protestors. He said he would not "die a martyr" either.
No more Libyan officials to handle
Out of fear of protestors, Libyan officials and diplomats have been stepping down. The Christian Science monitor states that some of them have even defected. Ambassadors and other Libyan diplomatic staff at the United Nations and in India, Australia, the United States and elsewhere have called for an end to the bloodshed. Protestors have been shot by loyalists and security forces. African American mercenaries are being called in by Gaddafi to do so also. Jets and helicopters of any loyal Libyan military are shooting protestors also.
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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