He May Get His Wish
Earlier this week, Libyan dictator Mummar Qaddafi vowed to fight anti-regime protesters to "the last drop of blood."
Did Qaddafi get his wish? Within the last hour, rumors have been circulating on the oil market that the Libyan leader has been shot--perhaps fatally. Western news outlets have been unable to confirm that report.
Meanwhile, U.S. crude oil is trading just over $97.00 a barrel. However, Brent crude reached $119 a barrel earlier today, before retreating to around $112 in afternoon trading. Look for an even higher spike if Qaddafi's death is confirmed. Mummar is certainly deserving of a bullet between the eyes, but his demise (if accurate) raises the questions about who/what comes next? Much of Libya's oil production is already shut down, and western oil companies won't send their workers back until the political situation stabilizes.
Saudi Arabia has promised to make up for any production shortfalls resulting from the chaos in Libya, but there are no long-term guarantees for the Riyadh regime, either.
Labels: Mummar Qaddafi; death reports