Before the uprisings began in Libya in February, the nation produced 1.6 million barrels of oil per day, and was responsible for two percent of the world’s oil supplies. Six months ago, shipments stopped at the rebellion grew there. The loss of Libyan oil drove up the price of Brent crude, which is sold to refineries on the United States’ east coast. Elizabeth Martins, senior economist at HSBC Bank in the Middle East, and Michael Wahid Hanna, a fellow at The Century Foundation, discuss how soon oil production will begin again, and how that will impact the price of gasoline.
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