Obama: U.S. mission in Libya is succeeding, saved 'countless' lives

[coma]

U.S. Treasury OKs Libyan rebel oil sales

By Stephen Beard Marketplace, Monday, March 28, 2011

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A Treasury official says rebel oil sales will not be subject to U.S. sanctions if made through bodies unconnected with the Gaddafi regime.

Libyan rebels gather on the frontline as smoke from a burning oil facility darkens the sky on March 11, 2011 in Ras Lanuf, Libya. (John Moore/Getty Images)

Kai Ryssdal: Say this for the Libyan rebels: They may be outgunned and overpowered without allied airstrikes to help them out, but they're sure got their economic house in order. They formed a central bank of their own last week, complete with authority over monetary policy. It's officially the Central Bank of Benghazi.

And now, having regained control over some key oil facilities, they say they've signed an export contract for that crude. From London, Marketplace's Stephen Beard reports.

Stephen Beard: Buoyed up by military success, the rebels are expanding into the oil business. They say they've done a deal to export more than 100,000 barrels of crude a day to the Gulf state of Qatar. Qatar won't confirm the story, but Julian Lee of the Centre for Global Energy Studies says the rebels' claim is feasible.

Julian Lee:

They are now apparently in control of most of Libya's export terminals. Some of them may have been damaged in the fighting, but certainly I think from a physical point of view, it's probably possible for them to start exporting oil.

Some oil traders said they wouldn't touch this rebel crude. They fear it might break the international embargo. But the U.S. Treasury said American sanctions do not apply. And George Joffe of Cambridge University says U.N. and EU sanctions don't either.

George Joffe:

The sanctions are against the Gaddafi regime, and it's quite clear from the whole tenor of the way in which the sanctions resolutions have operated, that their aim was to be targeted at that regime

[dananderson]

Qaddafi's assets were frozen along with santions aka embrgos put in place. Libya produces 1% of all the oil in the world. Albeit it is the highest qualty of crude. The vast majority if that oil goes to Italy and other EU nations. I will let others respond to this poster in the future.

[powderpuff]

But it would look better if they could sing to the same tune... even if just sometimes about anything

" President Barack Obama contradicted the declarations of his Secretary of State, Hillary Clinton, about the Mexico's war on drugs this week. "

" Hillary Clinton, during an interview on ABC's This Week program, said there has been no discussion of cutting off aid to Egypt. Clinton's statement contradicted Obama "

" Gates Contradicts Obama: Afghan "Exit Strategy" A Strategic Mistake "

This White House is in chaos. What do you expect from a guy whose job was union organizer?

[midas]

The US does not get oil from Libya, so cut the silly PC stereotypes.

It is coming out of the US treasury departments own mouth. So stop YOUR .....

But why attack now - why not in July 2009 ??

" Libyan leader Muammar Gaddafi met his first U.S. president on Thursday ( July 2009 ), shaking hands with Barack Obama and sitting just one place away from him at a dinner for world leaders at a G8 summit in Italy."

[coma]

Opportunity I would guess. With the internal uprising already well underway and willingness of numerous Western Allies, France, UK to secure oil as well as to stem the flow of illegal immigrant into thier respective countries. It was a gift opportunity to intervene.

I ask this question. If it was about protecting lives,not oil, then why was there no military intervention in the long drawn out Sudan civil war?

[flying]

Libya produces 1% of all the oil in the world. Albeit it is the highest quality of crude. The vast majority if that oil goes to Italy and other EU nations.

I think your 1% is light....

OPEC member Libya is the world's 17th-largest oil producer, third-largest producer in

Africa and holds the continent's largest crude oil reserves. It normally pumps around 1.6

million bpd, 85 percent of which is exported to Europe.

Output is normally equivalent to about 2 percent of global consumption

Their reserves tally 4% of the worlds reserves ....USA has 2%

your right though that they do have the lightest sweetest crude & is the refinery's favorite

Lastly although 85% of Libya's oil goes to Europe remember what currency oil is traded in

The price has gone from $85 a barrel in the US to over $105/barrel since this started.

So regardless of where oil goes something like this transmits pain worldwide.

Edited March 29, 2011 by flying

[dananderson]

flying-you are right as it is actually 2%. They do have the largest reserve in Africa. There are rumours that Qhaddai could set fire to his pipeline,which could push oils to $200 a barrell. Before he runs off to Venezuala next month.

[midas]

Opportunity I would guess. With the internal uprising already well underway and willingness of numerous Western Allies, France, UK to secure oil as well as to stem the flow of illegal immigrant into thier respective countries. It was a gift opportunity to intervene.

I ask this question. If it was about protecting lives,not oil, then why was there no military intervention in the long drawn out Sudan civil war?

or Somalia or Myanmar or Zimbabwe or Belarus or Turkmenistan or Uzbeckistan or Tibet or

Chad or Eritrea or Laos or Equatorial Guinea or South Ossetia ...............