Bloviating Zeppelin: Libya: Complete Oil Shutdown?

Friday, February 25, 2011

Libya: Complete Oil Shutdown?

Feb 24 (Reuters) - Oil production in Libya is expected to shut down completely and could be lost for a prolonged period of time, Bank of America Merrill Lynch said on Thursday.

"We expect Libyan production to be shut down completely and we might lose sweet crudes from Libya for a prolonged period of time," Bank of America Merrill Lynch analyst Sabine Schels told Reuters.

Schels said that the world faced the prospect of real supply shock in which the loss of 1.6 million barrels per day of sweet oil could potentially trigger a steep rise in prices and force a sharp reduction in demand to balance the system.

"Some of the supply can be replaced with Saudi light crude and some from SPR, but if the disruption is prolonged, we will need demand to drop to balance the system," Schels said.

Stand by. Impact coming.

BZ

5 Comments:

The gas prices here have skyrocketed to $3.25 a gallon! Unbelievable and this is just the beginning. I fear for small businesses and church attendance.

Those of us who are not wealthy are seriously going to feel the weight and crunch of the high gas prices. God help us.

By Leticia, at Fri Feb 25, 11:38:00 AM PST
US, French, and British Military advisors are now in Eastern Libya.
More info here:

http://www.debka.com/

By Well Seasoned Fool, at Fri Feb 25, 11:47:00 AM PST
They are trying to keep Benghazi open... And probably WILL be successful as long as Gaddafi doesn't blow up the production facilities...

By Old NFO, at Fri Feb 25, 04:21:00 PM PST
3.26 a gallon here.
Time to "lock and load.
Curtail all travel. Be aware of your surroundings.
Do not take any trips anywhere unless you are "prepared".

By mrchuck, at Fri Feb 25, 05:41:00 PM PST
No one, I mean NO ONE can guess what the lunatic Khaddafi will do.

The man is delusional and has been since his inception.

-- however, he was smart enough to remove his WMD during Bush's tenure.

Crazy but not stupid.

BZ

By Bloviating Zeppelin, at Mon Feb 28, 05:03:00 PM PST

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: Name: Bloviating Zeppelin; Location: Sierra Nevada Mountains, Fornicalia, United States

A former Democrat in my tender and ignorant youth, I am now a Conservative first and, these days, quite a distant Republican with a dash of Libertarian mixed in for good measure. I believe in God, the strength of America, the brilliance of our Founding Fathers, the valor of our military, and the need for Leadership in all forms and on every level. I am not an advocate of censorship as I believe everyone on the Far Left has a God-given right to be painfully stupid -- as I have a right to expose said stupidity. UPDATED NOTE: Recent legal references mandate that I make clear that these writings are ONLY my written OPINIONS and those of no one else. FAIR USE NOTICE - This web site may contain copyrighted material, which may not always have been specifically authorized by the copyright owner. Such images and excerpts are made available for the purpose of analysis and critique, as well as to advance understanding of social, political, media and cultural issues. We believe this constitutes 'fair use' as explained in Section 107 of the US Copyright Law. ADVERTISING: I do NOT, however, ask for nor display advertisements here.

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Friday, February 25, 2011

Libya: Complete Oil Shutdown?

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