Libya has the largest oil reserves in Africa, and 3 percent of the total global oil.
The US Sixth Fleet has positioned its ships in such a manner which is bringing speculation of an invasion of Libya. It has been widely reported on Wednesday that two US military ships entered the Suez Canal while heading towards the Libyan coast. Ships have also reportedly taken tactical positions off the North African coast of Libya in the Mediterranean.
The standard currency of the world is oil.
According to a report from rt.com, British Labor MP Jeremy Corbyn said that the scenario that unfolded in Iraq is now very likely to repeat itself in Libya.
“It is looking quite possible that key NATO members will launch an attack, with or without UN approval, so we are looking almost at a repeat of what happened in Iraq and indeed the results, I suspect, will be largely the same,” he said.
He added that the reason why the West has suddenly become deeply concerned about human rights in Libya is solely the country’s oil.
He also pointed out that there is no such thing as a quick military intervention.
“The lessons have not been learned when it comes to Iraq, which remains unstable even now, with only feeble growth of the much-vaunted democracy that the US tried to plant there. Allied troops are equally bogged down in Afghanistan, with no convincing timeline for withdrawal, and an ever-rising death toll.”
We are living in uncertain times.
In a world that depends on ‘cheap’ oil for any sort of economic stability, we should all be prepared for turmoil, disruption, and high oil prices – which would ripple through all of the economy and hike the prices of nearly everything that we purchase and consume.
How can we be prepared?
A good preparation is to leave yourself enough margin in your budget to absorb these things. Reduce your debt. Do not add new debt. Be nimble, adaptive, and resilient. Be frugal. Prepare for the worst, and you will benefit peace of mind.
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