In what can only be described as a George Bush Sr. moment, President Obama spoke telling Moammar Gadhafi that it is basically you against the world in a speech that is reminiscent of the former President before Persian Gulf War 1. After rattling off a list of the global condemnation by saying, a unanimous U.N. Security Council sent a clear message that it condemns the violence in Libya, supports accountability for the perpetrators, and stands with the Libyan people. This same message, by the way, has been delivered by the European Union, the Arab League, the African Union, the Organization of the Islamic Conference, and many individual nations. North and south, east and west, voices are being raised together to oppose suppression and support the rights of the Libyan people. President Obama sounded like he was beginning the building of a coalition when he said that his administration was to, prepare the full range of options that we have to respond to this crisis. This includes those actions we may take and those we will coordinate with our allies and partners, or those that we'll carry out through multilateral institutions. This may include a military option of course and as the market started to ponder the gravity of this situation, the oil market began to rally. Now the question is if Obama has the international gravitas to stop the massacre in Libya and lead a global coalition and command the same respect as President George Bush Sr. did. Many have questioned whether President Obama has come out fast enough and strong enough regarding the situation in Libya. The White House has been silent while Libya has endured, suffering and bloodshed that is outrageous and unacceptable. Things like actions {that} violate international norms and every standard of common decency. This could lead to a collation similar to the one that President Bush set up to oust Saddam Hussein from Kuwait. Also it could lead to more uncertainty in the region. Facebook in the crowds means we are worried about contagion. Reports of a Facebook campaign for a day of rage in Saudi Arabia also is heating up the fear quotient. At the same time, Bahrain protest are shaking the nerves of the Saudi leaders as they fear that their close allies may be toppled. Then you have ongoing protests in Algeria another OPEC member. Protests in Yemen which the IEA reminds us is a minor oil and gas producer but located along the Bab al Mandab, a strategic world oil shipping route. You have Iran shooting their citizens to put down dissent but somehow missing out on the international outrage because it seems that some is expected from that regime. President Obama says the violence must stop. This is far from over, not by a long shot. If it wasn't enough, the Financial Times reported that 50% of Libyan oil production was shut, the first real loss of oil since this began. The largest short term risk to the bull market is more oil from OPEC. The FT says that the Saudis are in active talks to increase production. The phrase War Premium will be back in vogue. Product price get ready for historic price jump. Tim Geithner told the Chinese something that I have written about many times before and that is that Chinese currency manipulation may be hurting the Chinese economy more than it is hurting us. This is a historic situation! Call for my daily trade levels! Watch the Fox Business Network where you can see me every day! Call me at 800-935-6487! Email me at pflynn@pfgbest.com.

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