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Libya Today

So you can see that the confusion arises, when they take the next step. Excellent summary by Trudy Rubin.

Author: Kimberly Kessler

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One of the big lessons that may come out of this is that we really can’t count on OPEC as much as we had hoped.

First, there is the problem of oil supply from individual countries, like Libya, being reduced, because of political problems. Second, OPEC’s ability to actually deal with disruptions may be less than advertised. Let’s just call it what it is – an illegal cartel, right?

Libya’s oil exports amounted to about 1.5 million barrels a day in 2009, based on EIA data. The same source indicates that OPEC is to hold a special session in case of oil price soaring, and furthermore, that Saudi Arabia will make up for the shortfall in Libya’s exports (when and if).

It's all very scary and yes good strategy. Good strategy to “lead from behind.” The fact that revolution could hit Libya shows that it is possible for revolution to hit any of the countries in this region, not just ones that don’t have the money to maintain their promises. In Egypt, there appears to be a possibility of an orderly transition to a new government, but this seems far less certain in Libya.

With the discovery of oil in 1959, the focus of U.S. interests changed as officials began to see Libya mostly as an inexpensive petrol pump. I guess, Libyan oil and gas reserves are of direct interest to the United States because they ease production pressures on our traditional suppliers. Do you know which are our main suppliers, according to the U.S. Census Bureau's Foreign Trade Statistics?

1. Canada's exports to the United States are worth more than $37 billion and account for 16 percent of the total trade between the two countries.
2. Mexico sends more than 400 million barrels of oil per year (or 1,096,000 barrels per day) to the U.S, that flow was worth over $22 billion.
3. Saudi Arabia sends 360,934,000 barrels of oil per year (989,000 barrels per day), 20 percent of its total oil exports, to the United States, however, Saudi reserves are slowly drying up
4. Venezuela sends the United States 352,278,000 barrels of oil per year (965,000 barrels per day,
5. Nigeria sells 40 percent of its huge oil supply to the United States. Nigeria exports 281,291,000 barrels per year (771,000 barrels per day) to the United States.
6. Angola exports 163,790,000 of barrels of oil per year (449,000 barrels per day) to the United States, worth around $9 billion in 2009.
7. Iraq exports 163,684,000 barrels of oil per year to the United States (448,000 barrels per day), worth over $9 billion in 2009. OPEC ministers elected Iran’s oil minister, Masoud Mirkazemi, to chair the 12-nation organization during 2011

Furthermore, I guess what we want are new investment opportunities to exist in areas like tourism and infrastructure development, but the current political and legal systems in place (none???} make it difficult for most U.S. companies, outside the energy sector, to pursue them.

All that being said, the USA is not the world police like so many are yammering about. We want control of the oil in the Arab countries, because we don't have any alternatives yet. We don't want China to take over and we don't want to be on the short end of the stick in terms of the coming oil/gas shortage.

So you can see that the confusion arises, when they take the next step. Excellent summary by Trudy Rubin. Just Google her name and the video will come up!

About Author

The author is very much involved with international events. However, on a more fun and lively note check out her website about travel. Why not come to Las Vegas and have a ball?
http://lasvegastvl.blogspot.com/ OR take a Cruise feelnfly-feelnfly.blogspot.com/ The discounts is what sets these sites apart from the others!

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