Can Rebels Boost Oil Production?

Tuesday, August 23, 2011

Libyans stand atop an army tank outside the court house in the eastern dissident-held city of Benghazi on February 24, 2011 amid political turmoil and an insurrection against Moammar Gadhafi's regime. (Gianluigi Guercia/AFP/Getty)

Before the uprisings began in Libya in February, the nation produced 1.6 million barrels of oil per day, and was responsible for two percent of the world's oil supplies. Six months ago, shipments stopped at the rebellion grew there. The loss of Libyan oil drove up the price of Brent crude, which is sold to refineries on the United States' east coast.

Elizabeth Martins, senior economist at HSBC Bank in the Middle East, and Michael Wahid Hanna, a fellow at The Century Foundation, discuss how soon oil production will begin again, and how that will impact the price of gasoline.

Guests:

Michael Wahid Hanna and Elizabeth Martins

Produced by:

Hsi-Chang Lin

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