"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.
SEE ALSO:
"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)
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