America Wakes Up To The Obvious, Speculators Thrilled

Thank God we are staying away from solar power. That is the key. We will drill our way out of this eventually, it's just a matter of when. I'm noticing that Libya is the 15th largest exporter of crude? You know what, maybe we can let that slide. What do you think? We are like, the first largest importer of American oil into America, so I don't understand how everyone is so bent out of shape and losing all their money and shit.

I like the idea of Gadhafi "clinging to power" and especially "shedding his last drop of blood," and I think that has Hollywood written all over it. Maybe Robert Downey Junior could play Ghadhafi (and is that really how you spell it?) and do that thing like he did in "Tropic Thunder" where he changed color? That would be cool.

I also notice that only the eastern half of Libya has fallen apart, so the western half would only be probably the 25th largest exporter of crude so these stock market guys should cool out, although I am sure those bastards are making out on this. Some of that does trickle down but you still have a right to be pissed.

Stocks had their worst drop this year and oil prices surged Tuesday after Libyan leader Moammar Gadhafi clung to power in the face of mounting protests.

The capital of the oil-rich country has plunged into chaos. That's causing to concerns that the unrest that has already toppled dictators in two of Libya's neighbors, Tunisia and Egypt, could spread to other countries in the region like Iran and disrupt the flow of oil.

Oil prices jumped 6 percent to $95 a barrel. Libya is the world's 15th largest exporter of crude, accounting for 2 percent of global daily output. It also has the largest oil reserves in Africa.

The Dow Jones industrial average sank 178.46 points, or 1.4 percent, to close at 12,212.79. It was the biggest drop since Nov. 16. Bond prices rose as investors sought safety.

Gadhafi vowed to fight to his "last drop of blood" and roared at his supporters to take to the streets against protesters demanding his ouster. A violent crackdown in Tripoli has resulted in wild shooting and bodies in the streets. Protesters backed by defecting army units claimed control over the eastern half of Libya's Mediterranean coast.

[Associated Press]