Growing unrest in Libya has oil companies fleeing the country evacuate workers

Posted on February 21, 2011 by


Oil Barons are Bugging Out!

With the proxy war on oil drilling moratorium still being illegally imposed by Kenneth Salazar of the corrupt Obama Administration, the chance is very good that Americans could see gas prices at the pump as much as $6.00 a gallon by April of 2011.

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Wintershall, the oil and gas exploration arm of BASF BASF.DE said on Monday it was winding down Libyan oil production of as much as 100,000 barrels per day (bpd). A host of companies, including Royal Dutch Shell (RDSa.L), ENI (ENI.MI) and OMV (OMVV.VI) said they were withdrawing expatriate staff.

The firms acted as dozens were reported killed in Tripoli as anti-government protests reached the capital for the first time and Benghazi, Libya’s second city, appeared to have slipped out of control of forces loyal to Muammar Gaddafi.

Brent crude rose above $105 a barrel to 2-1/2 year highs on the unrest in Libya, most of whose oil exports flow to Europe and which pumps about 1.6 million bpd of crude oil, making it Africa’s third-largest producer after Nigeria and Angola.  Keep Reading