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Wednesday, June 08, 2011

Enter the governing council!

Good news out of Libya this evening may prove to be good news for consumers down the road.

Tesoro Energy out of the United States have signed with the governing council in eastern Libya for the first shipment of crude oil to leave Libyan waters since the start of unrest there a few months ago.

Libya is a chief exporter of crude oil from North Africa, exporting almost 1.5 million barrels of oil per day, that is, before the "revolution" started there.

The deal is for an initial purchase of 1.2 million barrels.

Any added crude oil to the markets at this point should be just enough to mitigate any increases for a little bit.

We'll see what happens.

Story here.

George

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