As fighting intensifies during the Libya protest against Muammar al-Qaddafi, gas prices continue to climb. Overnight, gasoline jumped another nickel, bringing the national average to $3.51 for a gallon of unleaded. Rebel forces are getting hammered, losing ground in several areas. This morning, crude oil prices blew past the $106 mark for the first time in nearly two and a half years. The situation is looking more and more like Qaddafi remaining in power. Meanwhile, on the Sunday talk shows, Senators John McCain and John Kerry both offered more support for an international response to Qaddafi, including establishing a ‘no-fly-zone’ over Libya.
Fierce fighting near the oil port city of Ras Lanuf caused the rebels to pull back after strafed by aircraft. The western city of Misrata saw heavy civilian casualties with reports of 21 killed and 91 wounded on Sunday. Other key cities like Zawiya, Tobruk and Bin Jawad are either back in Qaddafi′s hands completely or show signs of rebel control weakening. A week ago, the rebels claimed to be in full control of each of these communities.
Benghazi is still under rebel control despite some renewed fighting there. A provisional government has been established and is calling for international assistance. On Sunday, Libya′s capitol of Tripoli saw a large pro-Qaddafi demonstration with thousands taking to the street to support him. Whatever momentum the rebels seemed to have had a week ago is rapidly fading as Qaddafi takes the initiative and is striking back hard.
So there appears to be little doubt now that the Libya protest will not end anytime soon and Qaddafi may wind up staying in power. This bad news continues to cause gas prices to climb. Crude oil prices hit a 29-month high this morning, breaking the $106 a barrel mark. Unlike in Tunisia or Egypt, Libya is looking more like a real civil war. All eyes are keeping fixed on Saudi Arabia, which may erupt on Friday when a ‘Day of Rage’ protest begins there. If that should turn into a genuine revolt, then there is no telling how high oil and gasoline prices may go.
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March 7th, 2011 at 7:30 am
I heard this morning that only 1/2 of 1% of our oil actually comes from Libya. Not sure that this level of consumption warrants extraordinary levels of intervention on our part? If Saudi Arabia truly is next it will certainly get interesting….. although I have to say that I would LOVE to see that regime toppled.
March 7th, 2011 at 9:14 am
If Kadafi remains in power it’s not going to be too good for Barry. He just couldn’t keep from getting involved. He has company however in the damn fool department namely Kerry and McCain. This govt. is full of incompetents. It’s staggering. I don’t think we will ever learn.
March 7th, 2011 at 11:05 am
It’s like Obama put Charlie Sheen in charge of our national policy.
March 7th, 2011 at 11:17 am
“Not sure that this level of consumption warrants extraordinary levels of intervention on our part? ”
As much as I dislike the doctrinated lifestyle Muslims impose on everyone and themselves there’s still innocent lives being butchered and Libya’s missing 2% effects the entire global market whether we get Libyan oil or not.
Look at it this way.
Even if I saw two moonbats trying to kill each other I’d jump in and try to break it up.
(with a baseball bat)
March 7th, 2011 at 3:20 pm
The two bozos above are just as bad as Qaddafi, the pot calling the kettle black. They should make a deal with Qaddafi, “If you resign, we will too!”