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Libya Planes Fire Missiles On Oil Facility Port Town Of Brega

Tyler Durden's picture




 

Update:Fresh Libyan air strike in Brega, bomb explodes next to oil engineering university about 2KM from oil terminal - witness

WTI spikes by $0.70 following reports that a Libya plane has fired two missiles on the town of Brega, which contains a critical oil facility. The fact that Libya is now apparently willing to gamble with its oil infrastructure is precisely the worst case scenario that many have predicted. Stocks, of course, jump on the news too.

A reminder of Brega's signficance:

Port Brega lies at the edge of the area controlled by opposition fighters along the 600-mile coastal highway between Benghazi and Tripoli. The oil and gas complex feeds natural-gas pipelines that supply the energy needs of major eastern cities as well as Tripoli, according to workers at the complex.

If Kadafi's soldiers are in control of the refinery, they could conceivably cut off gas supplies to the east and also deny opposition-controlled areas the gasoline, diesel and heating fuel produced at the Sirte Oil refinery.

The facility has continued to pump crude oil from major oil fields in the southern desert, sending it to Europe through a terminal at Port Brega. Western governments have frozen Libya's oil proceeds.

On Monday, both the city of Port Brega and the oil facility were lightly guarded, with only four men armed among the 15 to 20 young rebels lounging at the rebels' westernmost highway checkpoint, near the oil company's main gate.

More as we see it.

 

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Wed, 03/02/2011 - 12:17 | 1011427 Dr. Porkchop
Dr. Porkchop's picture

..and so it begins.

Wed, 03/02/2011 - 12:20 | 1011441 jus_lite_reading
jus_lite_reading's picture

Just wait until the day of rage starts in S.A... I wonder if Bush will be heading there for talks with his buddies?

Wed, 03/02/2011 - 12:23 | 1011460 SheepDog-One
SheepDog-One's picture

Bush cant travel outside the US, too many arrest warrants outstanding.

Wed, 03/02/2011 - 12:32 | 1011495 nonclaim
nonclaim's picture

Here's hope the same will happen to the nobel peace prize winner...

Wed, 03/02/2011 - 15:47 | 1012387 ATG
ATG's picture

False Flag PsyOp?

RT reported no satellite evidence of reports of Qaddafi air force attacks on civilians

http://www.infowars.com/russian-military-claims-libya-air-strikes-did-no...

Paul Craig Roberts, former Deputy Secty of Treasury under Reagan, suggested unfriendly ME revolutionary governments would strengthen dollar as US withdraws troops (and turns to domestic oil)

http://www.infowars.com/the-perfidy-of-government-evidence-v-denial/print/

Ron & Rand Paul or Michelle Bachmann in 2012

Wed, 03/02/2011 - 18:10 | 1012999 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

Here's hope the same will happen to the nobel peace prize winner...

Prediction:

W becomes a Nobel Peace Prize winner.

Wed, 03/02/2011 - 14:05 | 1011945 tonyw
tonyw's picture

Let me reply to your incisive post. ONE aircraft managed to hit some sand with ONE missile/bomb - now this tells me that the Libyan airforce is unable to mount a significant strike, IMHO it shows either they have very few operational planes and/or few pilots they can rely on to bomb their own countrymen. It may well be that the pilot deliberately missed but did he have only one bomb?

Edit: at Brega there are many large oil tanks so not a difficult job to hit them.

Wed, 03/02/2011 - 12:18 | 1011430 jus_lite_reading
jus_lite_reading's picture

I was just going to comment that WWIII is breaking out in the M.E. and stocks are rallying.

Wed, 03/02/2011 - 12:18 | 1011437 AN0NYM0US
AN0NYM0US's picture

duhhh

Wed, 03/02/2011 - 12:21 | 1011455 jus_lite_reading
jus_lite_reading's picture

Does Goldman's Jim Oneil think that WWIII is also "bullish" for the economy. Another GREEN SHOOT-

*Oil at unsustainable levels

*WWIII begins today and spreading fast

*Social unrest in the US very high

*Financial system on verge of total meltdown

*add more if you want... there's dozens today to give reason to RALLY THE FUCKING MARKETS!

Wed, 03/02/2011 - 12:20 | 1011445 Dr. Porkchop
Dr. Porkchop's picture

I would say that the ME is a precursor to WWIII, because a real war requires two actual armies of significant size to battle each other. Nobody in the ME has a real professional army of any size. The real WWIII begins when things heat up with China or Russia, or whoever.

Wed, 03/02/2011 - 12:24 | 1011463 John McCloy
John McCloy's picture

Ooo.. I also heard Congress used to once declare wars.

Wed, 03/02/2011 - 12:31 | 1011500 SWRichmond
SWRichmond's picture

Yes, but it turned out to be so hard to do that....

Wed, 03/02/2011 - 12:52 | 1011619 Mad Max
Mad Max's picture

Yeah, but it wasn't fast and efficient, it hindered business.  Much like the ancient custom of recording property ownership and mortgages in a detailed written log kept at a government office nearby the relevant property.

Just tell me how I can securitize war and sell AAAAA tranches many times over to suckers, I can make my $1x10^18 nut and go live on Mars or something.

Wed, 03/02/2011 - 17:52 | 1012927 jmc8888
jmc8888's picture

With a private plastic sub-orbital toy(see Virgin). Yeah Spaceship 1 and 2.  They look iike it, literally (1st and 2nd ever). 

But then again, they might think once we got there, we'd change the Martian climate and make it warmer.  The C02 would hurt the biosphere of Mars.  We just don't have the right to terraform a planet. 

At some point, the banksters idiocy, comes full circle. But then again, they don't believe in it either, they just want US to.

Wed, 03/02/2011 - 14:19 | 1012090 Nacho.Libre
Nacho.Libre's picture

Once upon a time... If they were looking for someone, the can try Russia..

 

http://news.yahoo.com/s/csm/20110228/wl_csm/366331

 

Wed, 03/02/2011 - 12:25 | 1011466 SheepDog-One
SheepDog-One's picture

Its not 1930 anymore, today wars are carried out thru computer servers.

Wed, 03/02/2011 - 13:46 | 1011902 JW n FL
JW n FL's picture

+ 0 1 00 1 11 0

Wed, 03/02/2011 - 14:09 | 1012023 Hexus
Hexus's picture

We all wish that was true.

Wed, 03/02/2011 - 15:20 | 1012284 JW n FL
JW n FL's picture

Educating the people is the "War"... it is the only "War" that we have to Win or we all will lose.

 

Without a broad knowledge of the Treacherous Acts Committed by the Bankers / Wall Street, The Lobby and then our Federal Government that Protects the Lobby and thusly the Bankers / Wall Street.. then we all are doomed to repeat the past over and over and over and over and over to InfiniTimmy and Beyond.

 

K.I.S.S. when speaking to others and try to get them interested in the Facts. Otherwise, once again.. we are all doomed to repeat the past. (and by all I mean your kids, Grand Kids, Great to Infitnity Grand Kids.)

Wed, 03/02/2011 - 15:43 | 1012383 ft65
ft65's picture

Quoting JW n FL / GLP ^TrInIty^

>> K.I.S.S. when speaking to others and try to get them interested in the Facts.

>> Otherwise, once again.. we are all doomed to repeat the past.

>>(and by all I mean your kids, Grand Kids, Great to Infitnity Grand Kids.)

Do you really think it will last another 10 years, let alone another generation? You are as bonkers as your wo-wo forum.

Wed, 03/02/2011 - 15:47 | 1012403 Crassus
Crassus's picture

It's pretty 1880 over here.

Wed, 03/02/2011 - 13:59 | 1011970 Oh regional Indian
Oh regional Indian's picture

India, good old, non-aligned India has suddenly been growing a pair off late, witha little help from the CCOTUSSA. Arms (of every kind, I think India will be getting the F-18, so weird, till yesterday they were pakistan's best friend), technology (a whole lot of military grade tech. is now available to Indian companies), awards (Oscars and grammy's galore), sports (NBA is a  much followed league here as an example, two indian's playing in the minor leagues???)...

So yes, we are heavily involved overtly and covertly in Afghanistan, Pakistan for sure. We'll take a stab at doing somethign really dirty now.

Ready and willing, for God and Oil.

ORI

http://aadivaahan.wordpress.com/2011/03/01/on-outsourcing-and-its-ills/

Wed, 03/02/2011 - 12:28 | 1011480 SDRII
SDRII's picture

As Gates said this weekend of another land commitment - a future SECDEF "would need to have his head examined." So if not ME, then where?

Wed, 03/02/2011 - 12:35 | 1011516 NotApplicable
NotApplicable's picture

Nah, that is old-school thinking, because as you note, it requires two armies.

That's why they invented the GWoT, so they always have a shadowy terrorist to hunt down.

My guess is that the only conventional war left is the Koreas.

Wed, 03/02/2011 - 12:37 | 1011532 Dr. Porkchop
Dr. Porkchop's picture

Maybe that's what we need. A good old fashioned, boots on the ground, punch 'em in the face ground war. Something easy to depict on the propaganda posters.

Wed, 03/02/2011 - 12:28 | 1011476 jtmo3
jtmo3's picture

In todays world I would have no problem believing stocks would go up if a nuke went of in the ME.

Wed, 03/02/2011 - 12:36 | 1011524 jus_lite_reading
jus_lite_reading's picture

Nat Geo is running an article stating that Carl Sagan says a "limited nuclear war" wold be good for the earth and global warming. I shit you not.

Wed, 03/02/2011 - 13:24 | 1011769 Eager learner
Eager learner's picture

Really? Here is the article. http://news.nationalgeographic.com/news/2011/02/110223-nuclear-war-winte...

Where is Carl Sagan’s name on this? You know he’s been dead for 15 years right?.  And where does it state that it would be good for the earth?

The article starts: “Even a regional nuclear war could spark "unprecedented" global cooling and reduce rainfall for years, according to U.S. government computer models.

Widespread famine and disease would likely follow, experts speculate.”

Pays to actually read something before you post about it dude. Though I agree the article’s title “Small Nuclear War Could Reverse Global Warming for Years” is a poor editorial choice and completely misrepresents the study it’s reporting on.

Wed, 03/02/2011 - 13:46 | 1011898 jus_lite_reading
jus_lite_reading's picture

I admit, I did not read the article but the HEADLINE says it all. Also, Carl Sagan was the one who originally initiated the study in the early 80's and that is when they first began to publish this theory. Whatever the case, headlines grab attention and make you wonder...

Wed, 03/02/2011 - 13:52 | 1011930 AnAnonymous
AnAnonymous's picture

Whatever the case, headlines grab attention and make you wonder...

 

Headline are supposed to do so.

And with the age of Internet information, expect any headline to misrepresent the content of the article as it is all about generating traffic.

People want to attract viewers on their Internet page, especially journalists as they are paid in relation to the number of viewers they attract.

The Internet is a bed of disinformation.

Wed, 03/02/2011 - 16:52 | 1012706 Randall Cabot
Randall Cabot's picture

I imagine nuclear winter would be good for global warming.

Wed, 03/02/2011 - 12:28 | 1011477 SheepDog-One
SheepDog-One's picture

DOW up 30 after near 200 point drubbing yesterday. Looks like its only a function of todays monkeystomping of the dollar.

Wed, 03/02/2011 - 12:20 | 1011448 AZSovreign
AZSovreign's picture

There goes my 10c discount on gas at Safeway...

Wed, 03/02/2011 - 12:27 | 1011470 Dick Darlington
Dick Darlington's picture

New safe havens, stocks and spanish government bonds. Seems that the worse the quality the better the performance. Congrats to chair creature, what a wonderful world. Lulz!

Wed, 03/02/2011 - 12:49 | 1011472 hugovanderbubble
hugovanderbubble's picture

Tyler

Watch Out Algerie ; Oran (GAS Pipeline).Sonatrach and Medgaz

 

Sarkozy is scaried with BUTTERFLIKER

 

GEt long US GAS producers, Europe will need to buy LNG cos Algerie Shutdown Shortage.

 

Spanish Exposure to Algerie:

Espero te sirva, El servicio Secreto Francés está negociando en Orán evitar el cierre de los gaseoductos ...(ALERT)

  El mas afectado con diferencia es Gas natural fenosa, ya que aproximadamente la cuarta parte del gas de la compañía se importa desde argelia. 

En mucha menor medida se ven afectadas endesa e iberdrola, que compran gas a GNF que a su vez viene de Argelia (teniendo en cuenta el tamaño de la compañía, el efecto en iberdrola y endesa sería muy muy pequeño). 
 
El efecto podría ser compensado trayendo gas de otros sitios, teniendo en cuenta que hay capacidad excedentaria en las plantas de regasificación de españa y que a nivel mundial sobra gas. Eso si, la logística se complicaría porque aunque haya gas y capacidad, habría que buscar el gas y los metaneros para traerlo (de Argelia se trae gas por gasoducto, y temporalmente si que podría haber algún problema para lograr cuadrar una sustitución total). De algunos países no sé está trayendo el 100% del gas contratado sino algo menos sin llegar a incurrir en take or pay, así que se puede traer mas gas sin problemas (algunas compañías de otros países si están llegando a incurrir en take or pay).
 
Además hay varias compañías que se verían afectadas por gas que eventualmente podrían traer a futuro pero a que a día de hoy aún no traian: el gasoducto medgaz está apunto de inaugurarse, e iberdrola (20%), endesa (12%) y cepsa (20%) tendrían la opción de traer gas como accionistas que son (son accionistas del gasoducto pero también tienen contratos de gas relacionados).
 
Cepsa creo que también se vería afectada porque tenía actividades de exploración en argelia, pero no sé si producen gas ni si mucho o poco.
 
Hugo Peterssen
 
Analista Independiente,

A way to play this is get long Tankers and US GAS producers as they are the natural alternative providers.
Wed, 03/02/2011 - 12:30 | 1011479 rwe2late
rwe2late's picture

 Libya has huge gas and oil reserves that are considered “vitally” important, especially to Europe. The usual financial vampire suspects have been active in Libya. But so also has China. The US would be happy to muscle in against the Chinese, especially with the added prospect of gaining control over the Trans-Saharan gas pipeline from Nigeria to Algeria, expected online in 2015.

G-Daffy, like Mubarak, is no saint. Nonetheless, to say inflammatory propaganda never happens is foolish. Examples are the Kaiser’s troops allegedly bayoneting Belgian babies, Iraqi soldiers murdering Kuwaiti infants, and “mushroom clouds”.

No major disruption of Libya’s oil supply would long be tolerated. Covert Western military activity is already occurring. But overt military action requires a “humanitarian” face in order to downplay the less idealistic motivations.

Many have called for G-Daffy, who has never been considered too “reliable” anyhow, to abdicate. The only way G-Daffy can reverse their demand would be to re-impose his control over Libya, currently a doubtful prospect. Failing that, G-Daffy holding out only makes increased intervention more likely.

The Western (NATO) powers appear determined to opportunistically make Libya more “secure“. G-Daffy, like others from Noriega to Saddam, has outlived his usefulness.

Israeli sources reported on 2-25-2011:

“Hundreds of US, British and French military advisers have arrived in Cyrenaica, Libya's eastern breakaway province.”http://www.debka.com/article/20708/

 

Russian Military Says (previous) Libyan Airstrikes Did Not Take Placehttp://tv.globalresearch.ca/2011/03/russian-military-says-libyan-airstrikes-did-not-take-place

 

Wed, 03/02/2011 - 12:30 | 1011487 Robert-Paulson
Robert-Paulson's picture

Forgive my ignorance, but can someone explain to me how the DJIA, S&P, and NASDAQ are up???

 

Asian markets took a bath last night, US federal government is weeks from shutting down all non-essential services, dollar is in the tubes, foreclosures are still rampant, unemployment continues to climb, etc, etc.

 

There isn't a single positive sign anywhere...Yet, the market continues to stay afloat.

 

Are people that fucking stupid?  (rhetorical)

Wed, 03/02/2011 - 12:33 | 1011503 SheepDog-One
SheepDog-One's picture

Nah just a side effect of the tremendous hammering the dollar is getting today, and its not even keeping pace with DOW up a weak 30. Snoozer.

Wed, 03/02/2011 - 12:42 | 1011560 clones2
clones2's picture

Give it a little time... :) 

Many large cap names have rolled over under their 50DMA's... take a look at the larger banks and others like copper and steel.  The last several sessions in the market have had some strong conviction selling days.

The market is getting weaker by the day and I believe will slowly consolidate around its 50 dma before a more significant pullback...

No strong bounce today after yesterday is telling...

 

 

Wed, 03/02/2011 - 12:47 | 1011593 alter ego
alter ego's picture

Why the market is up?

Because The Plunge Protection Team (PPT) is

acting as we speak.

That's the reason

Wed, 03/02/2011 - 18:16 | 1013017 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

"Treasury burned $33.7 billion from operations today, net of debt change"

http://twitter.com/zerohedge/status/43055450178076672

Wed, 03/02/2011 - 12:58 | 1011651 pslater
pslater's picture

"Forgive my ignorance, but can someone explain to me how the DJIA, S&P, and NASDAQ are up???"

It's just another POMO day.  The Fed buys bonds issued just days ago by the Treasury.  The Fed then has its proxy JPM buy the S&P 'ES' futures and presto the market goes up because there are almost NO other buyers.  Sound sustainable to you?  Me neither.

Wed, 03/02/2011 - 12:29 | 1011488 AndrewJackson
AndrewJackson's picture

So how long before, the US invades Libya to "protect democracy"?

Wed, 03/02/2011 - 12:30 | 1011489 dick cheneys ghost
dick cheneys ghost's picture

Gaddafi to replace western banks, oil firms and other companies with chinese, russian, indian and brazilian ones........dont mess with the fortune 500....

 

http://nakedempire.wordpress.com/

Wed, 03/02/2011 - 12:39 | 1011539 jus_lite_reading
jus_lite_reading's picture

Nice. I hope he does.

Wed, 03/02/2011 - 12:32 | 1011498 Josh Randall
Josh Randall's picture

(Oil terminal explodes)

Bud Davis: "...Uncle BOB!"

Wed, 03/02/2011 - 12:31 | 1011499 Flakmeister
Flakmeister's picture

Here is a link that summarize why Libyan is important in a way that most people here fail to grasp... Mind you, knowing technical details of refining is not up everyones alley

http://www.theoildrum.com/node/7550#comment-771278

Oil is not plug and play vis a vis refineries...

Wed, 03/02/2011 - 12:51 | 1011614 Flakmeister
Flakmeister's picture

So typical....one of my many admirers came by to junk.. Probably couldn't even understand the link...

Wed, 03/02/2011 - 13:00 | 1011659 falak pema
falak pema's picture

Flak,

Does Russia still have any spare OIL capacity. They are now lead producer. What about Caspian oil flowing through to Turkey. Can it contribute fast?

Wed, 03/02/2011 - 13:06 | 1011693 Flakmeister
Flakmeister's picture

   Good questions... Russian numbers are really hard to pin down, I think they pump and ship everything they can. So aside from workovers, they dont have much to fall back on.

 My recollection is that the BTC is running flat out. Here are some specs, courtesy of Wiki

The pipeline has a projected lifespan of 40 years, and when working at normal capacity, it transports 1 million barrels per day (160×10^3 m3/d). It needs 10 million barrels (1.6×10^6 m3) of oil to fill the pipeline.[1] Oil flows through the pipeline at the speed of 2 metres (6.6 ft) per second.[15

Wed, 03/02/2011 - 13:33 | 1011825 falak pema
falak pema's picture

my recollection is that 6.6 ft/s in liquid pipeline is not max. admissible velocity relative to pressure drop/erosion constraints. 1350 km line is not that long. I'm sure they could more to Ceyhan if the price hikes! Could easily go up to 1.5 MBPD.

Wed, 03/02/2011 - 13:38 | 1011858 Flakmeister
Flakmeister's picture

  You may be right.. we will see.

Wed, 03/02/2011 - 12:42 | 1011561 subqtaneous
subqtaneous's picture

Hillary, this is your big moment....it goes something like this:

 

"We must stop this brutal assault on freedom, the evil dictator must go."

 

Wed, 03/02/2011 - 12:51 | 1011618 Dr. Porkchop
Dr. Porkchop's picture

They've decided that pretenses are passe, just commence with the bombings.

Wed, 03/02/2011 - 12:58 | 1011647 andybev01
andybev01's picture

Who cares what she says about her boss...

Wed, 03/02/2011 - 12:56 | 1011642 falak pema
falak pema's picture

They have sent a team of spec. ops from three countries to now infiltrate the tribes in the West regions near Tunis border where there are many refugees amassed (a million?). All depends now if Q's coffers of money buying loyalty will withstand fear factor of riling the western countries pressuring those tribesmen still loyal to Q. Money, money, money is increasingly flowing like oil, oil, oil is depleting in pipeline. Both Russia and Turkey do not want US/EU plans to neutralise Libyan air space as this means open war. Libyan Migs are still operational. What does the king of Saudi have to say? And China very silent. Complex game as... if the arab street sees US killing arabs it could backfire...Maybe we will see italians doing fighting. Spaghetti marines after spaghetti westerns...what an evolution!

Wed, 03/02/2011 - 17:21 | 1012800 Randall Cabot
Randall Cabot's picture

The Italian Marines are fixin to straighten that mess out right quick.

Wed, 03/02/2011 - 13:07 | 1011699 klevera
klevera's picture

Oil is the only leverage they have 

Do you really think that they will destroy that? I highly doubt it...

Wed, 03/02/2011 - 13:13 | 1011725 Flakmeister
Flakmeister's picture

  Ask some of the locals in places like Nigeria...they would be much happier if oil was never found. I am sure some of the locals in Libya would be more than pleased not to have the bullshit associated with oil if they could just live in peace.

Wed, 03/02/2011 - 13:18 | 1011735 karzai_luver
karzai_luver's picture

the minute daffy blows his OWN wells/refiners up he is TOAST as he will soon have nothing to pay for his protection.

 

he is done for , it' just a matter of time and his time is ovah!

 

Blow up the oil fields, ha ha ha , he blows up his own security.

 

He will be done in or flown out in a coma as his sons flee with the cash and babes.

 

same old same old.

 

Wed, 03/02/2011 - 13:22 | 1011768 falak pema
falak pema's picture

He has 300 billion $ in sovereign funds stashed somewhere. He could buy, US govt. US congress, US FED for less...

Wed, 03/02/2011 - 13:25 | 1011790 karzai_luver
karzai_luver's picture

you can't buy shit if you can't get the funds awaay from dimon and blankfien.

 

FAIL DUDE!

 

 

all his bucks belong to us now and they always did.

 

Wed, 03/02/2011 - 13:39 | 1011867 falak pema
falak pema's picture

You his banker? Its very diversified. Count on that. He knows how to protect his family fortune.

Wed, 03/02/2011 - 13:20 | 1011752 falak pema
falak pema's picture

Well first reaction is to say Q is a madman, desperate; pretty clear in recent CNN interview with calamity jane-Amanpour. But on second thoughts this guy is no more in deep denial, desperate defiance, than Benocide et al. So who's to say who be the nuttiest man out there. Competition is getting pretty strong for the new Oscar of Mad Max. Anything goes.

Wed, 03/02/2011 - 13:22 | 1011771 karzai_luver
karzai_luver's picture

this dude isn't nuts, he is sane and unlike saddamy he knows if he plays this too hard he is going the way of his dear daughter.

 

He castrated himself to try to hold on power by giving up all his "manly" weapons and he is right to be scared.

 

Wed, 03/02/2011 - 13:15 | 1011738 hugovanderbubble
hugovanderbubble's picture

Nigeria true, good point Flakmeister.

Wed, 03/02/2011 - 13:20 | 1011756 karzai_luver
karzai_luver's picture

think of oil as foodstamps for the sheeple here.

 

it's TOO LATE for your pie in the sky b.s.

 

They have a whole generation of peeps used to free oil bucks , now how it's spent is another story,but that's not our problem!ha ha ha.

If you think all these under 35 peeps want to make a living as sheep herders or nomads you are out of touch with anything that could be called reality.

 

 

Wed, 03/02/2011 - 13:23 | 1011777 Flakmeister
Flakmeister's picture

The Kuwaiti-Saudi model was never in place for Libya, Nigeria and producers like that. The Saudis had enough sense to spread a little around. Do you think the Bedu have been lavished on?

Wed, 03/02/2011 - 13:28 | 1011799 karzai_luver
karzai_luver's picture

You don't get it.

 

Your or mine "lavished" is a hell of a lot different than some ragged-ass clown that is trying to survive on 10 bucks a month.

 

Lavish to a beggar is a whole different ballgame.

Wed, 03/02/2011 - 13:37 | 1011851 Flakmeister
Flakmeister's picture

 Oh, but I do get it.... these poor bastards are *maybe* getting some subsidized food. Ever been to Libya? I had a uncle who spent 4 years there as an oil-field consultant, I trust his description over yours.

(BTW, he is in part responsible for my lifetime fascination and interest in oil that I exhibit....He was also VP at Petro-Can in charge of International Exploration back in the 80's)

Wed, 03/02/2011 - 13:27 | 1011785 YHC-FTSE
YHC-FTSE's picture

Very Poor Story. Oh, FFS! Some of these headlines are getting worse than the msm. Try:

 

 

Libyan Planes Fire Missiles Near Oil Facility at the Port Town Of Brega

 

France joined Russia and China (& the US! - according to the Guardian yesterday) in withdrawing any support for a no fly zone over Libya. The Security Council is not going to allow shit and the Libyans are telling anyone who will listen to let them handle their own civil conflict. 

 

If the proceeds from Libyan oil are being frozen, does that mean every gallon of crude/gas now being exported on the ACOG grid and Greenstream pipelines are free? 

http://www.guardian.co.uk/politics/2011/mar/01/cameron-backtracks-libya-zone-us

 

Wed, 03/02/2011 - 13:36 | 1011850 falak pema
falak pema's picture

like I said the military ploy is to enclave Q in his palace, and try and win tribes in west through 'other means', soft diplomacy and covert operations to protect strategic assets locally from surprise attacks. This risks to be a long operation. He won't fall over night.

Wed, 03/02/2011 - 13:44 | 1011892 campag
campag's picture

think the Canadians will keep the USA fully supplied if crude supply problems occur? No way i hear plans to keep Canadian crude at home will mean Brent/WTI spread must tighten. Its still at a near record -$15 could go to -$8 in a blink...

Wed, 03/02/2011 - 19:29 | 1013282 Downtoolong
Downtoolong's picture

I'd be curious to know if any of Kadafi's investment funds increased their net position in oil futures before this attack; and of course, if any of those funds were managed by Goldman, JPM, or Citi.

Sun, 03/06/2011 - 03:18 | 1023155 glenlloyd
glenlloyd's picture

I see a lot of 'if" things being said, which leads me to believe that a lot of speculating is being done, and very little truth is being told.

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