American Morning

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August 23rd, 2011
08:41 AM ET

Will Libya's oil production lower prices for Americans at the pump?

Libya has proven oil reserves estimated at 43 – 47 billion barrels, making it one of the top ten oil rich countries in the world. The country sits on the largest oil reserves in Africa and profits from the oil industry comprises 80% of the government's revenue.

Will Libya's oil resources bring progress for a post-Gadhafi Libya and how will gas prices in the United States be effected by the country's oil production?

Peter Beutel, president of Cameron Hanover, and Marc Ginsberg, former Middle East presidential adviser, join Christine Romans on American Morning today to weigh in on what sort of timeline the Libyans are looking at in trying to get oil production up and running in the country. They also discuss whether or not American consumers will see any price difference at the pump because of Libya's resources.

Filed under: Libya • Oil
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