It is true that the unrest in the Middle East and North Africa has had some impact on gas prices. Though Libya produces only 1.5m barrels of oil a day, the demand for oil, as a key input of production, energy, transportation, and the entire global economy is relatively inelastic. That means that even very small shocks to the supply of oil can ripple quite quickly and drastically through the world.
http://www.cpeterson.org/2011/03/10/why-gas-is-so-expensive-today-hint-its-not-libya/
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