Tuesday, March 22, 2011
Whether you support President Obama’s decision to attack Libya or not, one result of the U.S. military action is oil prices hitting $105 a barrel.
On the New York Mercantile Exchange oil reached $104.97 per barrel and at one point, rose to $105.18. In London, Brent crude gained 73 cents to settle at $115.64 per barrel.
Energy economists say unrest in Libya, Bahrain, Yemen and Syria affects exports from a region that combined produces 27 percent of the world’s oil. Libya, which sits on the largest oil reserves in Africa, has almost totally stopped petroleum shipments as rebels (along with the U.S. military) battle pro-Gaddafi troops.
Libya could be embroiled in a protracted conflict that will keep its oil fields offline much longer than previously expected, energy experts said.
While President Obama roams across Brazil and Chile, today arriving in the Central American nation of El Salvador, at each stop expressing his concern for the people of Libya, I find it curious that he never expresses one iota of concern his foreign policy choices have for the American people.
Record high energy prices on the heels of the worst recession on record, is causing a serious financial hardship on Americans who can least afford it. The elderly — who have gone two years without a Social Security COLA, the poor and the disabled, are suffering.
Mr. Obama has forgotten about the American people who elected him president as he cheerfully plays soccer with local children during his tour of the Ciudad de Deus favela for the cameras.