"In oil reserves and volume of production, the
North African nation of Libya ranks decidedly behind such major Middle
Eastern producers as Iran, Saudi Arabia and Kuwait. But in ability to
send shock waves through the world petroleum industry, Libya stands
second to none. Libyans have already helped lead the ten other members
of OPEC, the Organization of Petroleum Exporting Countries, in doubling
per-barrel prices over the past three years. In the past two years,
Libya's President, Colonel Muammar Gaddafi, has nationalized British
Petroleum's operations and negotiated a 50% share in Italian oil
holdings; earlier this year, he asked for the same 50% stake in an
American-dominated oil group. Last week Gaddafi shocked Western oilmen
with his biggest demand yet: "100% control" of three mostly American
operations that together pump more than two-thirds of Libya's oil" Time Magazine April 2, 1973
Saturday, February 19, 2011
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