New York, NY (Vocus/PRWEB) February 27, 2011
As tensions in the North African country of Libya continue to escalate--especially after Col. Muammar el-Qaddafi's televised speech on Tuesday blazoning loyalists and foreign mercenaries to track down anti-government protesters and squash uprisings--anxieties about potentially volatile changes in the international market have put oil prices under heavy scrutiny in the US and abroad. As a major oil exporter to European countries, Libya's sharp decrease in the production of high quality crude oil has many economist and experts wondering how it will affect prices in the US: "Libya accounts for about two percent of oil imports in the US, and despite assurances from Saudi Arabia that they can easily make up for a potential supply shortage, Crude-oil prices in the US jumped on Tuesday," says Vincent Everett (CEO Works of Life International Ministries).
The non-profit sector in the US is responding to the crisis in Libya in part by weighing in on several aspects of the conflict, including the social cost and potential for global market fluctuations. "It's extremely difficult for a faith-based non-profit charitable organization in the US to bring direct aid to the people of Libya, which is tremendously unfortunate," expresses the Works of Life CEO, "But Libya's battle affects the entire world. As far as the conflict affects us here in America, Works of Life is prepared to bring aid and support to those hurt by rising gas prices, for example."
An interesting phenomenon is driving fuel prices up in the US despite the relatively small proportion of total oil that the US consumes from Libya, according to Everett. "To call what's happening in northern Africa 'political unrest' belies the fact that this is a cataclysmic event that will redirect the course of history for the Libyan people, at the cost of many lives, a level of sacrifice that I cannot even imagine," says Everett. The Works of Life Chief Executive adds that the chaotic and uncertain nature of the anti-government revolt produces fears and anxieties across international borders about possible fluctuations in oil-prices, which in turn results in exactly that: higher oil costs.
"What is happening is that the fear of political unrest spreading elsewhere in the middle east, to other oil-producing countries such as Algeria, is creating a surge in oil prices in the US regardless of how much supply there actually is. And many are predicting that oil prices will only rise as tensions mount in Libya," says Everett.
Everett is one of many members in the philanthropic community expecting oil prices to rise even more than they already have especially after Qaddafi's vow to cling to power "until the end."
"Qaddafi's speech really rattled the markets even in the US," mentions the Works of Life CEO, "The turmoil in Libya is a trigger causing investors to retreat and instead move money into other assets that are perceived as more stable such as bonds."
Economists worry that if oil prices rise and stay high this year, it could hamper national economic recovery, according to Mr. Everett. A recent post in the NY Times reports that if the violence in Libya lasts more than a few weeks, oil experts predict that European refiners would turn to similar sources for sweet crude oil (not a sure bet from the Saudis) as the US, possibly Algeria and Nigeria. This would push up American gas prices, which have already risen 6 cents a gallon last week.
"Rising gas prices is bad news for Americans already struggling to get by. Both the fear of oil supply shortages and the possibility of entering into a bidding war with European refineries might well push gas prices up, which is terrible for the national economy," says Everett.
Works of Life is a non-profit, non-denominational faith based charity operating in the US for over a decade. Everett as well as director Don Smith work together with the With Causes charitable network to provide relief to those less fortunate. "Works of Life, together with With Causes, also makes it easier for potential Donors to improve their own economic standing in times of global economic distress," says Everett. "Our role in the north African crisis is clear: to help those affected here at home. The national economy might see a huge increase in oil prices, and they are already at a 2.5 year high," he adds.
Everett mentions that Americans will rethink their spending plans as gas prices rise. "On the one hand, people might not be able to hang on to items that consume a lot of fuel such as vehicles, sea vessels, and air craft. These same items can be donated to charity to help other Americans hit hard by rising gas prices while allowing the donor to improve his or her economic portfolio by liquidating unwanted assets," adds the Works of Life Executive.
Recently Works of Life and With Causes was mentioned in USA Today and Forbes because, according to Everett, "Our charitable system is getting a lot of attention since thousands of donors across the US have been able to give back to a variety of worthy charitable causes directly through Works of Life. Part of our mission is letting Americans know they can donate a car, donate aircraft, donate boat or yacht if it just doesn't make economic sense to keep it anymore."
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About With Causes/ Works of Life Intl. Ministries Inc.:
Operating since 2002 Works of Life is a non-profit, non-denominational faith-based charitable organization that provides charitable works for other like-minded organizations in the form of endowments, grants and much, much more.
Their clients range from social service agencies to private non-profits, hospitals and more importantly individuals with special needs including victims of crime, military families, those with physical challenges and victims of abuse.
Works of Life has enjoyed a successful relationship with many like-minded charitable Organizations, developing residential based programs for those interested in Ministering to others but limited physically in doing so.
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