• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 39 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 3 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 21 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 16 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 hours Uniper is over - Germany (Government) buys the Company
  • 3 hours "How BlackRock Conquered the World" by James Corbett (all 3 parts)
  • 1 day "Oil prices likely not responsible for inflation and other energy insights by hedge fund manager Josh Young" - Kitco News interview by David Lin
  • 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 14 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 7 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 11 days Is Europe heading for winter of discontent with extensive gas shortages?

Breaking News:

Bulgaria, Romania Snubbed In Schengen Bid

Oil Falls As Markets Fear Further Action From U.S. Fed

Oil Falls As Markets Fear Further Action From U.S. Fed

Crude prices fell significantly at…

The Russian Oil Price Cap Isn’t As Simple As It Seems

The Russian Oil Price Cap Isn’t As Simple As It Seems

While a $60-per-barrel price cap…

Daniel J. Graeber

Daniel J. Graeber

Daniel Graeber is a writer and political analyst based in Michigan. His work on matters related to the geopolitical aspects of the global energy sector,…

More Info

Premium Content

Libyan Oil Protests Highlights Broader Problems

Protestors in the former Libyan capital of Benghazi this week demonstrated in front of the Arabian Gulf Oil Co. to demand more transparency. The demonstrators said they were frustrated with how the interim government was spending money, highlighting the growing frustration among post-revolutionary youth in the Middle East. The protests over corruption coincided with one of Libya's first international oil and natural gas expos since the Gadhafi era ended last year. British and U.S. officials were among those whose visit to Libya happened to coincide with the exhibition, raising questions over just what's at stake in the wake of the Arab Spring.

Only a few dozen protesters showed up to protest in front of the steps to the Arabian Gulf Oil Co. in the eastern city of Benghazi. But their voices may be part of the pent up frustration among Arab youth angry that, despite regime change, 1.6 million barrels of Libyan crude oil hasn't changed things very much for them. A few hundred miles to the west, major delegates descended on Tripoli for the first oil and natural gas exhibition since Gadhafi's regime collapsed last year. Exhibition organizers note that $100 billion in unfrozen assets mean good things for the country's redevelopment. Attendees will have the chance, organizers say, to learn how the game is played in the new Libya.

But is anything new? Before the crisis began in Libya, the British government was in the hot seat for allegedly making shady deals with the Gadhafi regime in exchange for an exploration deal for BP. Now, in turns out, British Foreign Minister for the Middle East Alistair Burt is on his way home following a two-day visit to Tripoli. Though his itinerary said nothing of the oil and gas exhibition, the timing is certainly convenient. In London, meanwhile, law firm Leigh Day & Co. is investigating allegations British officials were involved in the rendition of Libyan military commander Abdel Hakim Belhadj. The law firm states, among other things, that former British intelligence chief Mark Allen left MI6 in 2004 to join BP, where he later helped land contracts in Libya. Meanwhile, Italian energy company Eni is under investigation by the U.S. Securities and Exchange Commission for allegedly bribing Libyan officials. But that did little to discourage U.S. Assistant Secretary for Economic and Business Affairs Jose Fernandez from giving a keynote address at the oil and gas exhibition.

A vegetable merchant in Tunisia, Mohamed Bouazizi, self-immolated in December 2010, sparking what's become known as the Arab Spring. Two years before that, Egyptians rioted in the streets over the price of bread. Now, it appears not much has changed. Egyptians are still frustrated, violence in Bahrain continued unabated and Libyans are still upset with their government. Re-establishing formal relationships with post-revolutionary governments is vital for the global economy, especially when it comes to global commodities like oil and natural gas. But trickle-down economic principles aside, revolutions are about change. In the oil-rich Middle East, however, it appears that so far, the only thing that's changed is the names of the ministers involved.

By. Daniel J. Graeber of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News