Libya worsens as Gaddafi refuses to abandon and gas costs spike

Stock markets worldwide declined as gas prices rose in response to unrest in Libya. Libya is a major oil exporter, and the turmoil in the country could paralyze its gas production capabilities. Muammar Gaddafi is refusing to leave, as demonstrators are calling for him to abdicate after four decades of rule.

Demonstrations hurting Libya as oil producer

Instability in a gas producing nation has caused the stock markets to slide, the Los Angeles Times states. This is because of the unrest going on in Libya in North Africa. During trade on Tuesday, Feb. 22, the Dow Jones Industrial average went down over 178 points. This was due to crude costs increasing. The futures for crude gas went up from Monday to Tuesday quite a bit. It went from $91.43 a barrel to $94.49. Eventually, the crude oil prices changed to $93.57 per barrel. This was after an announcement from the gas minister of Saudi Arabia, Ali Ibrahim Naimi, made it clear that all shortfalls in Libya would be made up by the Organization of Petroleum Exporting Nations.

Gaddafi wants to stay

The Telegraph states that Libya ruler Muammar al-Gaddafi states he will not leave his post. Unlike other rulers in nearby countries who managed a modicum of empathy for those harmed during demonstrations, Gadaffi spoke on Libyan state TV, and promising further bloodshed ought to the Libyan protests continue. In the speech, Gadaffi said the death penalty can be what protesters face which he feels is perfectly acceptable for anybody trying to end his four decades of being in charge. He doesn't plan to "die a martyr." He said this will not take place.

Posts not kept in Libya by authorities

Out of fear of protestors, Libyan authorities and diplomats have been stepping down. The Christian Science monitor reports that some of them have even defected. You will find Libyan diplomatic staff at the United Nations, in India, In Australia and in the United States. The have said the bloodshed needs to end. African mercenaries have been called in to shoot crowds of protestors by Gaddafi although loyalists and security forces have already been doing this. Jets and helicopters of any loyal Libyan military are shooting protestors also.

Citations

Los Angeles Times

latimesblogs.latimes.com/money_co/2011/02/stocks-end-sharply-lower-as-oil-hits-two-year-high.html

The Telegraph

telegraph.co.uk/news/worldnews/africaandindianocean/libya/8341683/Libya-Col-Gaddafi-threatens-to-unleash-mob-rule.html

Christian Science Monitor

csmonitor.com/World/terrorism-security/2011/0222/Qaddafi-deserted-by-Libyan-diplomats-amid-brutal-crackdown