Oil Companies Plan Quick Return to Libya

The collapse of Moammar Gadhafi's regime in Libya may help reduce US gasoline prices. (photo: Jeff Pachoud/AFP)

By Kevin G. Hall, McClatchy Newspapers

23 August 11

With the regime of Moammar Gadhafi on the verge of collapse, international oil companies began preparing Monday for what they hope will be a quick return to production in Libya, a move that's expected to reduce the global price of crude and help drive down US gasoline prices.

Companies, most of which withdrew their expatriate staffs when fighting began in February, said that Libya's oil installations appeared largely undamaged from months of warfare and that once peace was restored, production and exports should resume quickly.

"Our people are ready to go back to work when the conflict is resolved. From that point forward, they can return to production in four weeks or less," said Carmen Herrero, a spokeswoman in Madrid for the Spanish oil company Repsol.
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