Libya is currently imploding. It sits atop Africa's largest known petroleum reserves. This is (was?) approximately 10% of all EU oil imports. Tightness in oil markets mean that slight "ripples" can now have amplified effects. In systems terms, this would be the proverbial "bifurcation point," and all that can go with that in the political-economic sense, after a period of "unstable equilibrium" (which now characterizes the entire 21st century world economic system). In political and economic terms, the current situation is fraught with both danger and opportunity (wherein "danger" = "opportunity").
Oil prices now in a steep climb (again!): Brent (Europe) at $110.50, & WTI (USA) at 98.58 / barrel. [Note: in the minutes between viewing the above video, typing and uploading this piece, prices shifted yet again.]
Multiple factions of Libyan belligerents have threatened to blow up oil facilities, if their demands are not met. See the following blog, as but one example:
http://earlywarn.blogspot.com/2011/02/libya-oil-updates.html
In my class, at the University of Redlands, we've been discussing the political and economic implications of the same. Whether or not you are a student, or a member of the general public, we should all be watching Libya closely, now.
Blaine
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Libya is currently imploding. It sits atop Africa's largest known petroleum reserves. This is (was?) approximately 10% of all EU oil imports. Tightness in oil markets mean that slight "ripples" can now have amplified effects. In systems terms, this would be the proverbial "bifurcation point," and all that can go with that in the political-economic sense, after a period of "unstable equilibrium" (which now characterizes the entire 21st century World Economic system). Fraught with both danger and opportunity (wherein "danger" = "opportunity").
Oil prices now in a steep climb (again!): Brent (Europe) at $110.50, & WTI (USA) at 98.58 / barrel.
Multiple factions of Libyan belligerents have threatened to blow up oil facilities, if demands not met. See the following blog, as but one example:
http://earlywarn.blogspot.com/2011/02/libya-oil-updates.html
In my class, at the University of Redlands, we've been discussing the political and economic implications of the same. Whether or not you are a student, or a member of the general public, should all be watching Libya closely, now.
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