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.
Excitement over the rebels seamlessly entering Tripoli this weekend rapidly devolved into confusion and uncertainty late Monday about whether ruler Moammar Gadhafi's regime would fall anytime soon.
Reports out of Libya yesterday stressed that the capture of Gadhafi's three sons was key to the possible toppling of the dictator's empire, as it meant that Gadhafi was isolated and without his most trusted advisers.
However, Saif al-Islam, Gadhafi's son, who is wanted on war crimes charges by the International Criminal Court, showed up at the Rixos Hotel yesterday, telling CNN's Matthew Chance that his father and several of his sisters were safe in Tripoli, and that loyal troops had "broken the back" of the rebels who moved into the capital over the weekend.
Today on American Morning, Fawaz Gerges, director of the Middle East Centre at the London School of Economics, joins Ali Velshi to weigh in on what Saif's appearance says about the situation on the ground in Libya and the credibility of the rebel fighters.
Moammar Gadhafi's four-decade-long rule over Libya is crumbling as hundreds of rebel fighters move towards the heart of Tripoli and secure control of parts of the capital.
The U.S. State Department reportedly had officials in Benghazi this weekend to talk to rebel leadership about how the country will proceed if Gadhafi is effectively overthrown.
Hisham Melhem, Washington bureau chief for Al-Arabiya Television, discusses what steps the United States is expected to take in establishing relations with a post-Gadhafi Libya.
In a statement Sunday night, President Barack Obama called on Libya's Transitional National Council to pursue "a transition to democracy that is just and inclusive for all of the people of Libya."
However, establishing an effective and representative government will not be easy a in a society riven by deep-seated rivalries and with no experience of democracy.
Today on American Morning, Major General James "Spider" Marks, former commanding general of the U.S. Army Intelligence Center, weighs in on the role that the United States may have in ensuring that a functioning government is established in Libya.
Celebrations in Tripoli's Green Square gave way to tension this morning after rebels told CNN that they'd heard Gadhafi army forces were heading their way, a possible indication that forces loyal to the dictator remain and that the fight for the country is not over.
Today on American Morning, Nicholas Burns, former Under Secretary of State and Professor at the Harvard Kennedy School of Government, discusses the possibility that there may still be some pockets of resistance within Libya's border and weighs in on how much of a threat these loyalists pose to the rebel forces.
Many challenges will face the Transitional National Council in a post-Gadhafi Libya, ranging from tribal rivalries and an east-west divide, to a shattered economy and a lack of coherent rebel leadership.
In light of this, the council has produced a blueprint to guide the country through the aftermath of Gadhafi's downfall, intended to lay the groundwork for a democratic political process.
Today on American Morning, Fouad Ajami, senior fellow at the Hoover Institution, weighs in on who will be running the country if Gadhafi falls and discusses what the United States knows about the rebel forces that have been fighting to overthrow the dictator.
Sara Sidner also joins the conversation to report breaking news from Tripoli, where the situation within the city was becoming increasingly tense during the broadcast.