Spiking Oil, Plunging Economy

This weekend, violence continued to erupt in the Middle East. In Libya, the Gaddafi government launched counter attacks against the rebels. Many fear there is a full blown civil war brewing in that oil rich country.

Yemeni loyalists also staged counter attacks against anti-government protesters in hopes of dispersing them. They used sticks and stones, but still, 25 people were reported injured. All is not quiet in Egypt this weekend as the peaceful revolution there turned violent. Reuters is reporting, “Men in plain clothes armed with swords and petrol bombs attacked protesters in Cairo on Sunday night during a demonstration demanding reform of security services with a reputation for brutality, witnesses said.” (Click here for the complete Reuters story.)

Even Saudi Arabia, the world’s biggest oil producer, is seeing protests gain momentum. Officials are so worried, the security forces rounded up and detained nearly two dozen protesters in an effort to quell even the hint of revolution, but it may be too late. Reuters reported yesterday, “More than 17,000 people backed a call on Facebook to hold two demonstrations in Saudi Arabia this month, the first one on Friday. A loose alliance of liberals, moderate Islamists and Shi’ites has petitioned King Abdullah to allow elections in the kingdom.” Keep in mind, public dissent is frowned upon in that part of the world. (Click here to read the complete Reuters story.)

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