The total cost of the Libya intervention (CS Monitor blog)

[Prometheus Bound]

Extra cost of oil because of the intervention

US - $190 million a day extra
France: $34 million a day
UK: $8 million a day
Greece: $7 million a day (what were they thinking?)

The total cost of the Libya intervention
By Stefan Karlsson, Guest blogger / April 15, 2011

So far, the intervention in Libya has cost the U.S. government more than $600 million, a number that keeps increasing as it continues to participate in the intervention despite formally hand over command to NATO. In addition to that comes the costs for France, Britain and other participants.

However, this number greatly underestimates just how much the intervention costs most of the countries involved in this. As I pointed out earlier, the intervention by prolonging the civil war has caused a sharp increase in oil prices. I estimated the effect to $25 per barrel, but let's say this is an exaggeration and the effect is only $20. Let's also assume that in the absence of the intervention, Qadaffi's forces would have ended the civil war on Monday March 21. How much has the total cost then been?

The United States imports about 9.5 million barrels per day, so the daily cost is $190 million. In the 25 days of extra war that has surpassed, the cost for the U.S. economy is thus $4.75 billion, a number that increases by $190 million every day. France imports 1.7 million barrels per day, so the extra cost per day is $34 million (€24 million), and the total cost is $850 million (€ 600 million) so far. Britain used to be a net exporter but is now a net importer of about 400,000 barrels per day, so the extra cost per day is $8 million (£5 million) and the total extra cost so far is $200 million (£125 million).
http://www.csmonitor.com/Business/Stefan-Karlsson-s-Blog/2011/0415/The-total-cost-of-the-Libya-intervention

[Prometheus Bound]

1. Well this is interesting. Saudi Arabia CUT production almost 10% in March.

The fighting has nearly halted oil exports from Libya, which holds Africa’s largest oil reserves.

Saudi Arabia’s oil minister Ali al-Naimi said the global oil “market is oversupplied” and that his country will pump “a bit” more crude in April than it did in March.

Saudi Arabia, the biggest producer in OPEC, pumped 8.3 million barrels a day of crude in March, down from 9.1 million barrels a day in February, he said in Kuwait ahead of an industry conference.

Crude oil prices may increase on speculation that unrest in the Middle East will curb exports as Saudi Arabia reduces production, a Bloomberg News survey showed.

Prices have advanced 18 percent this year
http://www.bloomberg.com/news/2011-04-17/libya-fighting-rages-as-western-leaders-decline-to-send-troops.html

No wonder they were in favor of OTHER countries bombing Libya.