The Wall Street Journal Reported today: “Oil futures settled at their highest level in 2 1/2 years Wednesday as air strikes continued against Libya and the U.S. reported a sharp drop in gasoline inventories.” On New York commodities markets, ‘Light Sweet Crude’ settled at $105.75 a barrel, the highest we’ve seen since September 2008.
The US and Allied forces air strikes on Col. Moammar Gadhafi’s military infrastructure and Western sanctions have stopped the 1.3 million barrel per day of Libyan output and have caused commodity futures traders to speculate that oil supply will get worse before it gets better. Kyle Cooper, managing partner at IAF Energy Advisors in Houston stated in the WSJ article, ”If this spreads into Saudi Arabia, $120 a barrel is going to look cheap. People are scared to death to be short.”
In Bible prophecy, Libya is included in the Russian-Iranian alliance against Israel in “the last days.” Ezekiel 38-39, tells us that ‘Put’ is one of the nations that joins the ‘Gog/Magog’ alliance against the nation of Israel. Ancient historian Flavius Josephus records that ‘Put’ or ‘Phut’ is ‘Libyos.’ Ancient Libyos included the territory of modern Libya. Regardless of the outcome of the current military and political struggle in Gadhafi’s Libya, Bible prophecy tells us that one day, Libya will be a part of the alliance with an ‘evil thought’ in its head, to invade the land of Israel to take a ‘spoil’ – maybe oil? Bible prophecy seems to be coming into fullness on almost a daily basis in Israel. Is the current Libyan war a precursor to the fulfillment Ezekiel 38-39? We’ll keep watching.
New’s of Russia’s interest in partnering in Israel’s Tamar-1 gas field came out in court this week.
“Gazprom has been trying to enter the Israeli energy market for years. Missing out on the Tamar prospect is a major loss, because the gas discovery at the prospect would have enabled the company to become a major supplier to Israel and other countries in the Mediterranean Basin.
The Tamar discovery also puts an end to possible Israeli gas imports from Russia via Turkey via the proposed undersea infrastructure conduit, which would have cost $2-3 billion to build.
Yossi Levy said in response, “There were preliminary talks with Gazprom after BG Group announced that it was quitting the Tamar prospect in 2005. Gazprom was interested in the exploration, but no deal was reached.” (source: http://www.globes.co.il/serveen/globes/docview.asp?did=1000426758&fid=942)
Ezekiel 38 speaks of God putting “hooks” in the jaws of Gog (Russia), drawing it down into Israel. Very interesting that Russia is already at work to secure the Mediterranean energy market. Could this be the beginning? We’ll stay on top of this story.