American Morning

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February 23rd, 2011
08:35 AM ET

Gadhafi orders security forces to sabotage oil fields

Oil jumped 6% Tuesday, at one point spiking to $98/barrel, due to concerns over spreading turmoil in oil-producing Middle Eastern and African nations.

New reports say Col. Gadhafi is ordering security forces to sabotage oil fields throughout the country, a move that could potentially affect the global oil market.

Though Libya only produces 2% of the world's oil, the growing unrest in the North African nation sparked concern over what might happen if the political turmoil were to spread. American Morning's Kiran Chetry talks to James Burkhard, Managing Director at Cambridge Energy Research Associates, about oil and international politics.


Filed under: Economy • Energy • World
soundoff (One Response)
  1. Edwardo54

    Yes, oil prices will undoubtedly rise, but probably not to the extent in which CNN is reporting. Please stop saying that gas at the pump will reach $5.00/gal. as this is not factual. Gas has been on the rise for the past couple of months, and IF we lose the 2% from Libya, the barrel price will more than likely increase a small amount. But with all the hype and hoopla you report about this, the prices are already increasing at a greater rate, and faster than they should considering it takes some time to hit the pumps. The trickle down greed is in effect and rampant. Why fuel the fire with your irresponsible, hypothetical reporting.

    Stick to the facts. CNN has always been my best source for NEWS, but lately I'm questioning the sensational reporting, more than likey to gain viewership. Do what you do best, and leave the gross exagerations, fear mongering, and "pot Stirring" to FOX news. That's their thing.

    February 24, 2011 at 12:02 pm |