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Tuesday, September 27, 2016
U.S., U.K. Diplomats Meet Libyan Militias to Restart Oil Exports
in Algiers and
Updated Sept. 26, 2016 1:49 p.m. ET
There has been a lot of concern over oil prices lately. Many jobs have been lost in the process, but consumers are definitely enjoying the lower gas prices while it lasts. Everyone working in the industry is trying to find a way to get prices back up and increase sales, while other countries are in much more serious situations and oil is their only forseeable way out.
Libya is in danger because of ISIS, and they need to be ready to defend themselves and the country. Although there is an excess of crude oil overall, there is still money to be made if Libya is willing to sell its resources. And they need to in order to bring money into the country. OPEC may be upset, but I think it's far worse to watch another country fall to ISIS because the almighty petroleum guru's won't allow them to sell enough of a resource that they own the rights to.
Libya plans to triple their crude oil exports from last months 300,000 barrels a day, and I think this is a good thing for the country. I know everyone has a different opinion, but I would rather see a country and it's people survive and have a fighting chance against any terrorists of extremist groups that may try to take them over. This may be bad for business, but I would choose someone's life over another dollar for executives in the oil industry any day.
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