Libya is not among the ten largest

Libya is not among the ten largest oil exporters. But the rebellion against Libyan leader Moammar Gadhafi has reduced production, affecting the global market.

This month, oil prices rose above one hundred dollars a barrel. Prices went above one hundred forty-five dollars a barrel in two thousand eight.

The price of oil affects prices and demand for energy, plastics, farm chemicals and many other products made with petroleum.

During the last week of February, Americans paid the second biggest weekly increase in gasoline prices in twenty years. This young woman has to drive a long way to school, so high gas prices mean less money for other things.

WOMAN: "I am a college student and I have to drive forty-five minutes to college, so it sucks."

The United States has a Strategic Petroleum Reserve that contains more than seven hundred million barrels of oil. President Obama could use some of this emergency supply to help ease fuel prices. But intervening in the market could hurt oil production in the United States.

Oil prices have been rising at a bad time, just as many economies have been recovering from the global recession. Also, several countries in the euro area are still struggling with debt crises.

European Central Bank President Jean-Claude Trichet said last week that "strong vigilance" is needed to contain inflation. That could mean raising interest rates which could hurt European countries heavily in debt.

In the United States, higher fuel prices come just as General Motors and Chrysler show signs of recovery after their reorganizations.

American car sales last month were twenty-seven percent higher than last February. GM led all carmakers with a forty-seven percent increase.

High fuel prices reduce demand for big cars and trucks. But economist George Magliano says this time, high prices may be good for carmakers.

GEORGE MAGLIANO: "With gasoline prices higher, certain people might want to get a much more fuel-efficient vehicle and I don’t mean even a hybrid or an electric vehicle which they could do, but the gasoline vehicles get twenty-five, thirty percent better mileage today than they did three or four years ago.

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Libya is not among the ten largest oil exporters. But the rebellion against Libyan leader Moammar Gadhafi has reduced production, affecting the global market.This month, oil prices rose above one hundred dollars a barrel. Prices went above one hundred forty-five dollars a barrel in two thousand eight.The price of oil affects prices and demand for energy, plastics, farm chemicals and many other products made with petroleum.During the last week of February, Americans paid the second biggest weekly increase in gasoline prices in twenty years. This young woman has to drive a long way to school, so high gas prices mean less money for other things.WOMAN: "I am a college student and I have to drive forty-five minutes to college, so it sucks."The United States has a Strategic Petroleum Reserve that contains more than seven hundred million barrels of oil. President Obama could use some of this emergency supply to help ease fuel prices. But intervening in the market could hurt oil production in the United States.Oil prices have been rising at a bad time, just as many economies have been recovering from the global recession. Also, several countries in the euro area are still struggling with debt crises.European Central Bank President Jean-Claude Trichet said last week that "strong vigilance" is needed to contain inflation. That could mean raising interest rates which could hurt European countries heavily in debt.Ở Hoa Kỳ, giá nhiên liệu cao hơn đến giống như General Motors và Chrysler Hiển thị dấu hiệu phục hồi sau reorganizations của họ.Bán xe Mỹ cuối tháng đã là hai mươi bảy phần trăm cao hơn cuối tháng hai. GM dẫn carmakers tất cả với một sự gia tăng phần trăm bốn mươi bảy.Giá nhiên liệu cao làm giảm nhu cầu lớn ô tô và xe tải. Nhưng nhà kinh tế học George Magliano nói thời gian này, giá cao có thể tốt cho carmakers.GEORGE MAGLIANO: "với giá xăng cao hơn, một số người có thể muốn có được một chiếc xe tiết kiệm nhiên liệu nhiều hơn nữa và tôi không có nghĩa là ngay cả một lai hoặc một chiếc xe điện mà họ có thể làm, nhưng xe xăng có hai mươi lăm, ba mươi phần trăm tốt hơn mileage vào ngày hôm qua hơn họ đã làm ba hoặc bốn năm trước đây.