The unrest in Libya has caused side effects to ripple worldwide. Worldwide oil prices climbed because of instability and stock markets slid down as a result. Gas production could wind up at a standstill, as turmoil in gas rich nation is worsening. Libyan ruler Muammar Gaddafi has refused to leave office. Many protesters are calling for him to leave after four decades in power.
Major gas producer Libya paralyzed by protests
The deterioration chaos in North African nation Libya has reverberated throughout the financial world as instability in a major gas producing nation led to a slide in stock markets, in accordance with the Los Angeles Times. Tues, February 22, the price of crude oil went up which meant the Dow Jones Industrial average slid over 178 points down. The futures for crude oil went up from Monday to Tues quite a bit. It went from $91.43 a barrel to $94.49. After oil minister of Saudi Arabi, Ali Ibrahim Naimi, made an announcement that any shortfalls in Libya would be made up with the Organization of Petroleum Exporting Countries, the oil prices went to $93.57 a barrel.
No leaving for Gaddafi
Muammar al-Gaddafi, ruler of Libya, has refused to leave his post, according to The Telegraph. During demonstrations in other countries, the rules have been showing lots of empathy for the individuals. Gadaffi just promised more bloodshed with Libyan demonstrations while on Libyan state TV. In the speech, Gadaffi said the death penalty could be what protesters face which he feels is perfectly acceptable for any person trying to end his four decades of being in charge. He also pledged that he wouldn’t leave and would “die a martyr.”.
Protests means Libyan officials abandon
In an expression of solidarity with the demonstrators, several key Libyan authorities and diplomats have left their posts and in some cases defected, according to the Christian Science Monitor. You will find Libyan diplomatic staff at the United Nations, in India, In Australia and in the United States. The have said the bloodshed needs to end. Loyalists and security forces have shot demonstrators, and states are emerging that African mercenaries have been called in by Gaddafi to shoot at crowds. Protestors are getting killed by Libyan military members that are nevertheless loyal to Gaddaffi. They’re using helicopters and jets to do so.
Information from
Los Angeles Times
latimesblogs.latimes.com/money_co/2011/02/stocks-end-sharply-lower-as-oil-hits-two-year-high.html
The Telegraph
telegraph.co.uk/news/worldnews/africaandindianocean/libya/8341683/Libya-Col-Gaddafi-threatens-to-unleash-mob-rule.html
Christian Science Monitor
csmonitor.com/World/terrorism-security/2011/0222/Qaddafi-deserted-by-Libyan-diplomats-amid-brutal-crackdown
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