Oil Prices Top $106 Per Barrel as Crisis Flares in Libya
Posted By Mike Chino On March 7, 2011 @ 1:00 pm In Politics | 1 Comment
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Libya has the largest reserves of oil in Africa — and the ninth largest reserves in the world — however in the wake of weeks of political upheaval and dissent the country’s daily production of 1.6 million barrels has declined by more than half [5]. As a result, oil prices are now skyrocketing around the world, and today the cost of a barrel of oil topped $106 – the highest the cost of oil has risen in the past two and a half years. If there’s ever been a concrete event signaling the urgent need to shift towards more sustainable energy sources, this is it.
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Photo © Antony [7]
The conflict in Libya has already taken its toll around the world – pump prices are increasing across the states, and Spain has announced lowered speed limits and public transportation incentives [8] to help cope with the rising price of oil. The US and other countries are currently considering tapping into strategic oil reserves following last week’s landmark 7% price rise, and some analysts believe that if oil rises above $150 for more than a few months it could trigger another recession [9]. The United States’ heavy reliance on foreign oil also constitutes a threat to national security [10] that has the military currently investing in renewable initiatives [11].
As the fires of Libya’s political unrest ignite soaring oil prices across the globe, there’s never been a better time to call for sustainable energy sources that decrease our investment in foreign oil. From biofuels [12] and electric vehicles [13] to large-scale solar [14] and wind [15] installations, we currently have the technologies necessary to transition towards a more sustainable, fossil-fuel free world.
Via CNN [16]
Lead photo © Lars Christopher Nøttaasen [17]
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[4] Image: http://inhabitat.com/oil-prices-top-106-per-barrel-as-crisis-flares-in-libya/oilbarrels-ed01/
[5] more than half: http://bikyamasr.com/wordpress/?p=29013
[6] Image: http://inhabitat.com/oil-prices-top-106-per-barrel-as-crisis-flares-in-libya/oillybia/
[7] Antony: http://www.flickr.com/photos/antonystanley/5218971402/
[8] lowered speed limits and public transportation incentives: http://inhabitat.com/spain-lowers-speed-limits-to-reduce-oil-usage/
[9] trigger another recession: http://www.msnbc.msn.com/id/41903576/ns/business-oil_and_energy/
[10] threat to national security: http://inhabitat.com/how-green-energy-is-improving-national-security/
[11] renewable initiatives: http://inhabitat.com/air-force-jet-takes-off-with-sustainable-fuel-source/
[12] biofuels: http://inhabitat.com/researchers-use-algae-to-treat-wastewater-and-generate-biofuel/
[13] electric vehicles: http://inhabitat.com/zero-race-three-electric-vehicles-finish-epic-80-day-trip-around-the-world/
[14] solar: http://inhabitat.com/solar-power/
[15] wind: http://inhabitat.com/energy/wind/
[16] CNN: http://money.cnn.com/2011/03/07/markets/oil/index.htm?section=money_latest&utm_source=twitterfeed&utm_medium=twitter
[17] Lars Christopher Nøttaasen: http://www.flickr.com/photos/magnera/3755006104/
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