Detailed text transcripts for TV channel - MSNBC - 20110304:19:33:00
>> peter, some people may ask the question, libya only produces 2% of the world's oil. so why such a huge spike in gas prices? >> well, we're not so worried about libya. yes, libya is the flash point. the saudis say they can take care of that and replace that oil. but what scares everybody, you look at a map and of course you have all of north africa with unrest. and now you're closing in on what i call the petroleum gulf, and in that area you have iran, iraq, the uae, kuwait, qatar, bahrain, ohman, yemen and saudi arabia. those countries right there on that gulf sit on 60% to 65% of the world...
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