Building a world of
resilient communities.

MAIN LIST

 

Libya supplies US with oil again

Libya has cemented its return to the international mainstream by resuming its former role as a supplier of oil to the US.

US Assistant Secretary for Commerce William Lash, speaking during a trade visit to the Libyan capital, Tripoli, said oil shipments had begun.

He added that Libya was in talks over the purchase of Boeing aircraft.

Libya, accused of sponsoring terrorism, was for 20 years the subject of US and United Nations (UN) trade embargoes.

The Libyan government has been linked with a bomb attack on a Berlin night club frequented by US servicemen in 1986, as well as the 1988 Lockerbie bombing.

In from the cold

But the North African nation was dramatically rehabilitated late last year after it publicly ditched its weapons of mass destruction programme, and declared a stockpile of chemical weapons to UN inspectors.

British prime minister Tony Blair set the seal on Libya's re-integration into the mainstream by visiting Tripoli for talks with the country's leader, Colonel Muammar Gaddafi, in March.

The US responded by easing its embargo in April, clearing the way for US oil firms and banks to resume commercial activities in Libya.

Libya's economic trump card is its relatively undeveloped oil and gas industry, which sits on proven reserves of about 36 billion barrels.

The country, a member of oil exporters' cartel Opec, is currently negotiating deals with Western oil firms aimed at boosting production capacity from its current level of about 1.7 million barrels a day.

News of Libya's oil exports to the US comes as oil prices are at their highest level in years because of soaring demand, bottlenecks at US refineries, and fears that unrest in the Middle East could disrupt supplies.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.


Peak Oil Notes - Aug 27

A midweek update. Oil prices fell sharply on Monday in response to another …

Deflationary Collapse Ahead?

Both the stock market and oil prices have been plunging. Is this “just …

My Chicken of an EV

A little over two years ago, my wife and I entered a new phase of life in …

In Clash of Greens, a Case for Large-Scale Solar Projects

Weaning the U.S. economy off fossil fuels will involve the wide deployment …

Why the $20 Oil Predictions are Wrong

As the price of West Texas Intermediate (WTI) retests the $40 per barrel …

Peak Oil Review - Aug 24

The great oil price slide of 2014-15 is taking on epic proportions.

Fracking Arrives in the UK

Fracking has finally arrived in the UK, eight years on from …