oil crisis
sastyk | February 24, 2011Two good recent articles on the implications for oil prices and production of the situation in Libya. First, Tom Whipple's always cogent overall analysis:
While the 1.6 million barrels a day (b/d) that the Libyans pumped in January may not appear significant in a world that produces some 88 million barrels each day, we should remember that those barrels are being consumed somewhere in a world where they are consumed just as fast as they are produced. If there is anything that we have learned in the last 40 years, it is that relatively small disruptions in oil production can lead to…