Hey now, how 'bout them Lybians?

[vt_maverick]

Libya makes only 2% of the world's oil according to this article, but apparently its quality is what's significant:

http://www.npr.org/2011/02/25/134056...aves-worldwide

On the other hand I've also read that Saudi Arabia could easily churn out the difference on very little notice. IMHO, probably just another excuse for oil companies and traders to turn a buck based purely on speculation and conjecture.

[Y33TREKker]

...IMHO, probably just another excuse for oil companies and traders to turn a buck based purely on speculation and conjecture.

You're definitely not alone there.

Given all the smoke and mirrors behind price setting in that industry, I think it would be more accurate if they were listed as "snake oil" prices.