Libya has the largest reserves of oil (I think) so it will be interesting to see who ends up running the show.
Saudi Arabia wins that, hands down, that's the only reason that anyone in the world cares about the House of Saud at all.
Here's the CIA analysis of who's got what:
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2178rank.htmlBut cut off 4% of anything that is in 100% demand and the price is going to rise. The real deal with the oil from Libya is that it's considered the 'sweetest' oil in the world, you can almost run it in a diesel engine straight out of the ground. Because it need far less refining, it's cheaper to use in the long run. And because it's so pure it has industrial applications as a very fine lubricant.
Americans might pay less at the pump, but considering the tax-write offs, the 'inducements' and the out right give-a-ways, they are paying for it in hidden ways.
I'll keep on riding my bike and using public transportation. We have that option here because we put a lot of effort - going back decades and decades - into building a system that at least kind of works. The bike sure helps fill in the gaps, and all the ferries, buses, trains and stuff have provisions for us to take our bikes on them. And those people out there reading this - particularly the older members - these bikes today are not the Schwinn toys you grew up with. They are light, quick, and can stop on a dime. What I ride (with a few modifications):
http://www.marinbikes.com/2009/us/bikes/assets/bikes_detail/MHT_HHT_HH.jpgThe reality is that at some point I decided that aside from all that good stuff, like 'helping the planet', and 'not trading blood for oil' (and make no mistake, people are dying so you can keep on driving), 'making urban living a lot nicer for everyone' that I really got tired of working a month and a half a year to keep a ton of metal in my driveway. I have better things to do with my time. Really.
Oil is finite, and we are using it on an exponentially increasing scale, something has to give, and it has.
If your life depends on driving, you're already living in the past.