Libyan Chaos Strikes Oil Industry, Gas Prices
By The Associated Press In Madrid ~ Libya's oil industry is in chaos, and that's no exaggeration.
That was just this week.
The situation may not get better in the near future. No one knows whether Gadhafi or the rebels trying to oust him will end up controlling Africa's biggest oil reserves. Fears abound that Libya could turn into a fractured nation with competing armed groups ruling over rich and remote desert fields lying hundreds of miles (kilometers) apart from each other.
The chaos in Libya as it descends into virtual civil war has sent international oil prices skyrocketing despite a pledge from Saudi Arabia, the world's largest oil exporter, to ramp up exports. And that volatility is likely to continue, because it could take weeks or even months for Libyan production and exports to return to normal levels, experts said. That has sent already over-caffinated oil traders into a frenzy that won't calm down until there's more clarity about what is happening on the ground in Libya.