Saturday, September 3, 2011
Libya's oil industry to restart pumping mid-Sept: They are going to need it
For Libya to be able to rebuild its large country which I believe they can and will, they are going to have to rebuild its Oil Industry. And at least get it back to the level of where it was before the Civil War there. And will probably need to make it stronger to continue to develop the rest of this large country. Thats physically the size of Algeria, Saudi Arabia and Iran, with at least two of those countries having large supplies of Oil and Natural Gas. Something that the Gaddhafi Regime failed to do in its forty two year reign in Libya, develop the whole country. So its truly a Developed Nation that it has the resources to be and could be the most Developed Nation in Arabia. The average libyan makes around 11K$ a year which is pretty good for Arabia, where most arabians make around 2-5K$ a year. But these are still Third World wages in a country with First World Natural Resources thats also a large country. But lightly populated, a little over 6M people, so its not like they have to worry about overcrowding and being able to feed enough people. Because they can do these things and literally start from scratch and build up its rotten Health Care and Education Systems. So their people can be healthy and can get the skills that they need to get good jobs in Libya and with Libya's Oil Industry, they'll not only be able to use their oil for their own energy needs. But they'll be able to export their oil to Europe, North America and Asia. Hopefully America will get to the point that we'll no longer have to import Arabian Oil or any other oil but we are certainly not there yet. But Libya will be able to use their Oil Revenue to help build up the rest of the country and even diversify the rest of the economy. Perhaps even having its own Auto Industry where they are making their own cars and even having their own Auto Company's and they wouldn't have to import so many cars from Europe and Asia. And have a broader Transportation Industry in general and use their own oil to power their own autos.
Libya has a long way to go to rebuild and build up the rest of their large country and they are going to need a lot of money to do that. Which is why rebuilding their Oil Industry is critical as well as Foreign Trade and new Trade Agreements. With Europe, North America, South America and Asia. And of course lifting of Economic Sanctions on Libya and returning Frozen Assets back to Libya. And will probably need Foreign Aide as well, at least until they can get their economy going again. But they have an excellent opportunity here to make this all happen and not just build up part of the country. Which is what the Gaddhafi Regime did but build up the rest of the country as well so all of Libya can take advantage of its Natural Resources. And people can see and live in the whole country not just parts of it because the rest of the country gets developed as well.
Click on the link of the blog to see a video from Euro News on the Libyan Oil Industry