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				Oil surges amid Mid-East turmoil
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					Posted: 
					
						Feb 22, 2011 11:35 AM
					
					|
					Last Updated: Mar 27, 2012 08:34 AM
				
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				<p>NEW YORK -- Oil prices shot up by more than $5 a barrel yesterday, surpassing the $108-mark for the first time since 2008.</p>
<p><a target="_blank" href="http://www.vancouversun.com/business/Brent+crude+prices+year+highs+Libya+fears/4325698/story.html"><span style="color: rgb(0, 0, 255); ">Anti-government protests in Libya</span></a> are being blamed for the sudden price spike, which could translate to more than a nickel-a-gallon at the pump today. </p>
<p>According to news reports, one producer in the country has shut down 100,000-barrel-per-day production.</p>
<p>Libya, the third-largest oil producer in Africa, produces around 1.6 million barrels of oil per day,</p>
<p>There are concerns others could follow in Libya &ndash; and other regions of North Africa and the mid-east -- if the unrest continues.</p>
<p>In Canada, the national average for diesel last week was $1.16 a liter. That's expected to increase when the new weekly average comes out this week. &nbsp;</p>
			
				
				
			
				
				
			
			
			
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