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Friday, February 25, 2011

Libya Unrest Disrupts Oil Production, Sends Tremors Through World Markets

Traders work the crude oil options pit at the New York Mercantile Exchange in New York. (AP)

Traders work the crude oil options pit at the New York Mercantile Exchange in New York. (AP)

Militias loyal to Moammar Gadhafi opened fire on protesters streaming out of mosques in the Libyan capital on Friday, demanding the regime’s ouster, witnesses said, reporting at least four killed. Across rebellious cities in the east, tens of thousands held rallies in support of the first Tripoli protests in days.

Meanwhile, world markets continue to react to the turmoil in Libya, over concerns of what will happen to its oil reserves. While Libya produces just over 1 percent of daily oil demand, many European countries are heavily dependent on the North African country. Spain, which imports 13 percent of its oil from Libya, has announced it will lower speed limits to conserve energy.

Kevin Hall, national economics correspondent for McClatchy Newspapers, joins us to discuss the uncertain future of Libya’s oil industry.

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Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

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