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Oil Price Hits $100 a Barrel as Unrest in Libya & Middle East Continues

The Middle East is undergoing a change of epic proportions. Civil society is making its voice heard throughout the region as countries like Egypt, Libya, Bahrain and more demand regime changes and democratic political reform.
 Oil Price Hits $100 a Barrel as Unrest in Libya & Middl..  Oil Price Hits $100 a Barrel as Unrest in Libya & Middl..
 
 
The Middle East is undergoing a change of epic proportions. Civil society is making its voice heard throughout the region as countries like Egypt, Libya, Bahrain and more demand regime changes and democratic political reform. However, the Middle East remains the global hub for oil export, and troubles in the region are driving the price of oil per barrel higher than they have been since 2008.

The political situation in Libya has brought the country’s oil production to a screeching halt, and with unrest in other countries in the Middle East, the infamous “speculators” that seem to make or break our economy have decided that oil price per barrel has reached $100. This is the highest it has been since the economic crash back in 2008, and analysts fear that if the price continues to rise, then come April we could be revisiting the economic crash all over again.

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The dependency of the world market on Middle East oil has never been more questionable than now. Numerous countries in the Middle East like Libya are literally about to rewrite their national history, and the region will never be the same. Economic superpowers that have been relying on some form of stability in the region to fuel their economies should be taking this as seriously as possible.

Luckily, there are technologies out there that can lessen—if not sever completely—the dependency on Middle East oil, but must be implemented fast and must be implemented now. There is a level of uncertainty that arises from knowing that new political regimes are making their way into these countries, and with many of the oil and gas reserves in the region controlled directly by a given country’s ruling government, there is no telling what a new regime will decide to do with those resources. Energy independence has never seen a more crucial point in history than now.
 
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