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PermalinkWednesday, February 23, 2011
The uncertainty over developments in Northern Africa are being felt in the United States. Libya is a major oil producing nation, but some observers see the price spike as more of a temporary bump.
"The would change if the unrest spreads to other nations." Said Dan Seiver, San Diego
State University economics professor. He said the impact would be far reaching if the monarchy in Saudi Arabia was threatened.
The crisis is also creating turmoil in the US stock market.
"When the egyptian crisis first hit, the stock market sold off," said Seiver, "but the rest of this year its been pretty much going up every day and a very nice steady increase with just a couple of hic-ups. This is the second real hic-up."
Seiver said the financial fallout is a reminder of this nation's dependence on the middle eastern oil economy.
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Missionaccomplished | February 23, 2011 at 10:55 a.m. ― 2 years, 3 months ago
I thnk it is a temporary bump up in prices, taking advantage though of the current crisis. I am surprised though, that Mr. Anderson or the econ prof, both fail to point out that we actually get little Libyan crude. One NPR reporter mistaken said that Libya is the ONLY African oil-producing country. What about NIgeria? Or have they temporarily halt production because of the sabotaging of their pipelines?
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