As violence continues to escalate in Libya, the effects on oil prices are being felt by people all over the world. According to NBC reporter John Bailey, oil prices are up 17 percent since the unrest in the Middle East first began, and Libya has reportedly cut production of 400,000 barrels of oil a day contributing to the spike at the gas pump.
During the last week alone, gas prices have skyrocketed to ridiculous amounts in Texas. On average, there has been an increase of more than 15 cents a gallon in only a week’s time. On a personal note, for a student interning with no incoming salary, the spike at the gas pump hits pretty close to home. It’s a daily reminder of how things happening half way around the world still very much affect our day-to-day lives. I only hope that Libya will experience peace in the war-torn country soon.