@idunnonewsAmanda
West waits for Libya
Tyranny has fallen at the hands of young freedom fighters as Libyan’s rejoice the death of their dictator, Muammar Gaddafi. After eight months of civil war the National Transitional Council now faces the task of restoring peace to the country and organising its first democratic election. But the task is not easy, with oil production down and the cost of war threatening to disarm its economy, Libya’s future is uncertain.
When protests broke out in Benghazi the world saw oil reach a 4 year high rising 35 per cent between February and April this year. Libya was only producing 2 per cent of the world’s oil, but as civil unrest escalated prices increased internationally. Producing rare crude that can be refined as either petroleum or diesel gives Libya’s oil a higher market value. During the war Libyan oil production dropped from 1.6 million barrels per day to 390,000 barrels per day. In a knee jerk reaction a group of oil importing nations announced the release of 60 million barrels of oil from emergency stocks to float the industry.
As rebel forces closed in on Gaddafi’s home city of Sirte yesterday oil dropped 81 cents per barrel and returned to pre protest prices. But with an infant government, no parliament or constitution instability will hinder Libya’s return to the world market. Amidst Gaddafi’s death, oil-field staffers are expected to return to work in the coming week but an analysis from The Economist say ‘oil production in Libya won’t return to capacity till mid 2012.’
As the country regains a steady income, the NTC have to begin preparing to restore stability. Under the laws drawn up by the revolutionary forces the fall of Sirte will result in Libya officially declaring liberation. Following liberation the NTC will form a transitional government within 30 days, 200 members of the national conference will be elected within 240 days of which a Prime Minister will be appointed and their government nominated.
Western allies (can I call the west this?) have offered their support as Libya hopes for a democratic future. Foreign affairs Minister, Kevin Rudd said “it will be complex, but we will stand ready to help our friends in Libya to ensure they reach their democratic needs,”
Last week US secretary of state, Hillary Clinton announced in a press conference, the Obama administration would pledge US$40 million to destroying left over weapons cache. “Washington will work with Libya to destroy chemical weapon stocks, as the two administrations are committed to stay focus on the oil-rich country’s security” she said.
NATO has announced they will withdraw from Libya by the 31st of October. The news come as fights broke out in Tripoli between Gaddafi loyalists and rebels. Locals in Tripoli are angered over looting and corruption. In the capital multiple checkpoints have been set up but the deregulation of them means guards are forcing locals to pay bribes in order to pass. In areas with a high number of rapes and abductions those manning the check points are still released Gaddifi prisoners.
The NTC will declare liberation this Sunday and begin the road to building a democratic future for Libya. Libyan rebels said on twitter, “we have no political structure, we waited 42 years and now we can all rebuild Libya together.” While a Libyan father, @BentBenghazi tweeted his family are relieved it is over, “so many stressful days and nights wondering if our son would come home alive, so grateful to know he will be here soon.”
