By: Jamal Kanj
From: Intifada Palestine
While the populous Arab uprising for the most part was civil in nature, the revolution in Libya took a different turn. The absence of militarized revolution in Tunisia and Egypt helped sustain the movement, eventually leading to the demise of two dictators.
But unlike Egypt and Tunisia, Libya is an oil producer. It ranks number 17 among the oil producing countries, number four in Africa and number 9 in the world’s proven oil reserve. Whilst Western powers interest in Egypt is strategic, in Libya it’s economic.
Following the Libyan crises, oil companies made up for the immediate shortage in the oil market from available capacities in larger oil producing countries such a Saudi Arabia. Notwithstanding, the oil companies advanced a hypothesis of market uncertainty to justify military intervention and propagating fear regarding the sustainability of oil supply. Hence, increasing oil prices to levels have not been seen since 2008. Making oil companies the ones reaping the most financial benefits from the ashes of war.
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