"It would be natural to imagine that the fall of Tripoli would mean a significant decrease in the cost of oil and the pain that the average consumer feels at the pump. After all, in February, when unrest in Libya commenced, oil prices hit a two-year high. Libya is only the 15th biggest oil exporter in the world, but the oil it exports is of a particularly desirable type.
But the truth is world oil markets couldn't give a big greasy bag of monkey fap how long it takes Libya's oil to come back on-line. Sure, there could be a slight drop in prices -- oil in the European market is down 1 percent at the moment. But the fundamental pressure on oil prices is the slow-motion exhaustion of all our cheap sources of crude. Call it peak oil, call it the end of cheap oil, limits to growth, whatever you like: These days, revolution in the Middle East is the least of the pressures on the price of gasoline."
Christopher Mims reports for Grist August 22, 2011.
"Oil Companies See Quick Return To Libya, Once Peace Restored" (McClatchy)
"Oil Falls on Prospect That Libya Crude Will Return" (AP)
"Oil Above $86 as Libya Rebels Battle for Control" (AP)
"Dennis Gartman: Libya Oil Won't Be Online for 18 Months" (CNBC)
"The Scramble for Access to Libya’s Oil Wealth Begins" (New York Times)
"Control of Oil Set To Dominate Post-War Politics" (Irish Times)
"Reviving Libyan Oil No Easy Task" (Financial Post)
"Libyan Oil Situation Uncertain" (Los Angeles Times)
"Oil Producers Take Steps to Return" (Wall St. Journal)