"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.
[2]
SEE ALSO:

"Oil Companies See Quick Return To Libya, Once Peace Restored" (McClatchy) [3]

"Oil Falls on  Prospect That Libya Crude Will Return" (AP) [4]

"Oil Above $86 as Libya Rebels Battle for Control" (AP) [5]

"Dennis Gartman: Libya Oil Won't Be Online for 18 Months" (CNBC) [6]

"The Scramble for Access to Libya’s Oil Wealth Begins" (New York Times) [7]

"Control of Oil Set To Dominate Post-War Politics" (Irish Times)
[8]
"Reviving Libyan Oil No Easy Task" (Financial Post) [9]

"Libyan Oil Situation Uncertain" (Los Angeles Times)
[10]
"Oil Producers Take Steps to Return" (Wall St. Journal) [11]