With Libya descending into civil war oil prices look set to rise again. Who knows how long it will be before the crisis is resolved peacefully. Perhaps Colonel Gaddaffi will leave of his own accord?
The above image displays the countries receiving oil from Libya. It will be interesting to see if Italy and Germany's economies are hit harder than the rest due to the fact they rely so much on Libyan oil.
Italy may be the next European nation to go into financial meltdown in the same way Iceland, Greece and Ireland have.
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