CRUDE AWAKENING: Libyan Air Strike and Middle Eastern Oil

Today, a coalition of countries chose to drop missiles on Libya.  Gadhafi is a madman who should be stopped.  But I’m sure lots of you are wondering whether or not this “new war” will affect our reliance on Middle Eastern Oil.

For those of us in California, we do not rely on Middle Eastern oil. (SCHOCKER!)  It comes from Alaska, Canada, and elsewhere. Europe relies heavily on oil from that region.  They are going to be affected the most.   So why are the prices so high?  The price of oil right now is being dictated by the speculation that the turmoil in the region will affect world oil supply. This region is the largest producer in OPEC. That alone would affect the price.

Recently, while listening to the news that Mr. Obama was going to tap into the Strategic Petroleum Reserve to bring the price of oil down,  I freaked.  Why?? I said. There’s no need to do this yet.  The news also said we only have 2 months of oil left in the SPR.  I freaked some more.  SO..I did research and talked to engineers and geologists that I know well.  They reminded me that Bill Clinton also tapped the SPR when he was in office. While it may be an emotional response so they both could say, “we feel your pain (AMERICA) and we’re doing something about it,” in reality it has no real impact on the long range price. If  Mr. Obama does what he says he wants to do then what they draw out would be a drop in the bucket of our national consumption. AND the oil will have to be replaced at a later date and at a higher price than when it was first purchased and placed underground.  IT IS ALL POLITICAL.  By the way, not to scare you, but there are only 30 days of oil storage in the SPR available at today’s consumption level.

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About bettybyrd

Betty Byrd is an editor, author, and actress. She graduated from the University of Arizona with a degree in creative writing, and furthered her literary career through graduate studies at Ohio State University. She was an editor for The Spectator, Ohio’s largest weekly newspaper, and has free – lanced for a national men’s magazine. Betty has appeared in film and television, as well as numerous commercials and mini-series. She is a voting member of the American Federation of Television Artists and also of the Screen Actors Guild. In 2002-2003 Betty was accepted into the Who’s Who of America and in 2007-2008, the Who’s Who of American Women. Her previous literary works include a novel, Trinity’s Daughter, for which she was honored as a local author by the San Diego Public Library. She is also a recipient of a first place fiction writing award for her new novel, Utopia, Texas at the prestigious Santa Barbara Writer’s Conference. Betty has had successful book-signings across the country to large crowds at local Barnes and Nobles and other bookstores. She has been featured in newspapers, and appeared on NBC – TV, and radio talk shows. Betty currently lives in Southern California with her husband and family.
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