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Old 02-23-2011, 04:45 PM   #20
TexasDevilDog
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Quote:
Originally Posted by clevelandkid View Post
Libya was responsible for 2.2% of the worlds oil production in 2010. Even if they never pumped another drop, it wouldn't even come close to justifying $150 oil....
I just read this article. http://www.nytimes.com/2011/02/24/bu...er=rss&emc=rss

Quote:
Libya’s sweet crude cannot be easily replaced for the production of gasoline, diesel and jet fuel, particularly by the many European and Asian refineries that are not equipped to refine heavier grades of oil. Saudi Arabia may have more than 4 million barrels of spare capacity, but it includes heavier grades of crude that are higher in sulfur content and more expensive to refine.

“Quality matters more than quantity,” Larry Goldstein, a director of the Energy Policy Research Foundation, an organization partly financed by the oil industry.

Should the turmoil in Libya last for more than a few weeks, oil experts predict that European refiners will be forced to buy sweet crude from Algeria and Nigeria, two principal sources for the United States. That could push gasoline higher in the United States, where prices have already risen 6 cents a gallon in the last week to an average of $3.19 for regular.
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