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It seems as if the world has turned upside down over the last month
The energy markets came to a frothing boil with crude reaching $103U.S./barrel during intraday trading. The magnitude of this change is unprecedented. It’s reminiscent of the Hollywood movie “Network” with actor Peter Finch bellowing from his window that famous line, “I’m mad as hell and I’m not going to take this anymore!”
The repressed peoples of these Middle Eastern countries are tired of their selfish dictators/rulers and gross unemployment, rising cost of living, and they all want change NOW.
The freedom revolution has spread. Libyan Muammar “madman” Qaddafi unfortunately his defiance to fight the people to the death could lead to civil war and a potential loss of 1.6 million barrels per day of world supply. It would be so much easier if he and his family left, but what country would take him?
So what does it all mean for North American oil prices? Subscribe to the Weekly Energy Report for more information. Check out the En-Pro newsroom for more on the crises in the Middle East.
By: John Voros, Senior Petroleum Analyst
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