MADRID (AP) — Libya’s oil industry is in chaos — and there’s no telling when that will end.
Armed men loot equipment from oil field installations. British and German commandos execute secret raids in the Libyan desert to rescue stranded oil workers as security disintegrates rapidly in remote camps.
Libyan port workers, frightened of being caught up in Moammar Gadhafi’s violent crackdown on protesters, fail to show up for work, leaving empty tankers floating around the Mediterranean Sea waiting to load crude.
And the European oil companies extracting Libya’s black gold are operating in crisis mode, trying to get stranded expatriate workers out and safe amid conflicting information on how much oil is still being pumped and just where it all is.
That was just this week. The situation is not expected to get better in the near future.
Continue here: Libyan chaos stirs global panic over oil supplies – Yahoo! Finance.
