The Libyan Factor; World’s Oil Price Drops?

The average gas price in the US is about $3.60, but today, the global price of oil is falling perhaps due to what’s happening in Libya. But Libya only contributes about 1.5 million barrels a day or 2% of crude oil to the world’s oil. What other countries don’t use Libya’s oil? US is one of them.

But the world has been so split because of what’s happening in Libya right now. Some people support the current events in Libya and some strongly oppose it. Some people see it as a liberation for the Libyan people and some see it as a Western interference in a sovereign country.

But for the past 42 years, Libya has been under what some may refer to as an internal colonization under Gadhafi’s hot rod rule over his people. But some people also see Libya under Gadhafi a success for an African country; with major economic development in Libya and lucrative social programs for the Libyan people under Gadhafi.

However, since Gadhafi has so much money from Libya’s oil, over the years, he’s been financing and giving millions of dollars to many of the countries’ Presidents, and aiding out many governments, especially in Africa. There was even a report that was saying that he even helped to finance French’s Prime Minister’s election and that he wanted his money back.

So, for those countries and presidents who had received money from Gadhafi, some of them may be the ones who are defending him or perhaps not.

But the whole thing is that there are pros and cons for what’s happening in Libya. And in between, there are the Libyan citizens. CNN’s report states that up to 13,000 Libyans have died since this chaotic broke out about 6 months ago.

The question is; who’s gonna take up the Presidency in Libya?


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