Gone to the gas pumps lately? Gas has gone up to $3.26 a gallon. The crisis in the Middle East has caused oil prices to soar. The predicted gas prices will be five dollars a gallon by the end of the year. Libya has a lot to do with this. 95% of Libya’s income comes from exporting oil. lybia also produces 2% of the worlds oil. Due to the up roar and unrest with the government in Libya, many big companies are pulling out and leaving the oil there. This could cause the world to tap into its reserves. Cornelia Meyer, CEO and Chair Person of MRL.Corp, told CNN that we would be fine short term, but long term what would we do? We would have to find other countries to get our oil from. This would not be such a problem for America, but Europe. Libya mostly exports its oil to southern Europe and other places. I think we should cut back on gas. We should try and find an alternative for energy. This all seems so impossible because I have done the research and even oil at 100 dollars a barrel is less expensive to make than other energy alternatives. If the unrest grows in the Middle East energy prices around the world will increase. Hopefully everyone can come to agreements over this and things go back to peace in the Middle East, and our gas prices go back down at least to under three dollars a gallon.
I got all of my information from http://www.cnn.com/video/#/video/world/2011/02/27/levine.libya.oil.cnn
I got all of my information from http://www.cnn.com/video/#/video/world/2011/02/27/levine.libya.oil.cnn