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Tuesday, July 16, 2013
Gas prices jumped $0.15 overnight with experts predicting prices to increase by another $0.10 to $0.20 thanks to the instability in Egypt and Libya.
Protests erupted in Libya in the beginning of July that saw shut-ins at various oil fields, drastically decreasing the country’s output. Australian producer OMV was forced to stop the majority of its production on June 25; however, the firm announced that it has resumed production and stabilized at normal levels on July 16.
In Egypt, the June 30 uprising that saw the first democratically-elected leader deposed has not only seen major oil firms pulling out staff, but also attacks on the Arab Gas Pipeline. Gas flows were disrupted after an attack on July 7 on two points along the pipeline causing a fire.
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