Today the reports are that much of Libya's oil infrastructure is abandoned, looted or worse, while their major refinery and storage facility is unable to take more oil because tankers have been ordered to stay offshore until conditions improve.
Doing DD on HES as an American oil play, but think I'll pass because of its Libyan exposure.
Oil prices are falling amid signs the disruption to exports from Libya is easing.
Benchmark West Texas Intermediate crude for April delivery dropped 53 cents to $97.35 per barrel as trading opens on the New York Mercantile Exchange
Oil and gasoline prices soared last week as the rebellion in Libya halted oil shipments from the country. On Monday, oil dropped on reports that a tanker bound for China was loading oil in the Libyan port of Tobruk and Saudi Arabia was boosting exports.
Gas prices keep rising, however. The average price of a gallon of regular unleaded in the U.S. rose 8 cents over the weekend to about $3.37.