The Libyan Oil Tap Introduction :

Situated in the Maghreb region of North Africa, Libya is bordered by Mediterranean sea to the North, Egypt to the East, Sudan to the south East ,Chad and Niger to the South and Tunisia to the West. Libya was inhabited by Berber tribes which saw transition through Roman Empire, Ottoman Empire and the Italian colonial era. King Idris 1 announced independence of Libya from Italian rule on 24th Decimber, 1951. The decades that followed heralded an era of political freedom and economic emancipation with the discovery of large reserves of oil and natural gas in the country. In September, 1969,a small group of military officers led by 27 year old army officer, Col. Muammar Gaddafi, staged a coup against King Idris, launching Libyan Revolution. Libya saw many turns and twists on each front during the forty-two year rule of Col.Gaddafi, who was known for tantrums. Leading a country of 6.5million people, around half of whom are under the age of 15 years and eighty eight percent are urbanites,Col.Gaddafi tried to strike balance on the regional, international and domestic fronts. The country with a remarkable economic buoyancy provided by oil and gas exports ,ranked one of the wealthiest countries in the world in the early 1980s with its G.D.P. per capita surpassing that of developed countries like Italy ,Singapore ,South Korea ,Spain and New Zealand . Efforts were made to instep with the world economy by introducing market reforms like reducing subsidies ,announcing plans for privatization bolstering tourism ,agriculture and cultivation sector .Nevertheless ,efforts did not measure up to the expectations of the Libyan citizens .Faced by twenty percent unemployment ,autocratic ,opaque and inequitable rule of Col. Gaddafi the people got alienated. The winds of change in the Middle East and neighbouring countries entered Libya and violent protests started against Libyan Government .The rebels under the banner of National Transitional Council ,supported by NATO forces continue fighting tough against the regular forces of Col. Gaddafi. Oil production has dwindled .Col. Gadaffis whereabouts are unknown some of his family members are either dead or have fled to other country. Nation is at cross-roads. However is now in a matter of days only when new regime will be in the saddle.