Summary Box: Restoring Libyan oil will take time

AP News
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Posted: Aug 22, 2011 5:57 PM
Summary Box: Restoring Libyan oil will take time

MORE OIL: Libyan rebels swiftly took control of the country's capital over the weekend, raising hopes that the oil-rich nation would resume exports sooner than expected.

LOWER GAS PRICES: Libya sits on the biggest oil reserves in Africa. A resumption of its 1.5 million barrels of exports every day would likely lower the price of gasoline in the U.S. and other countries.

GRADUAL RETURN: It could take a year or more to bring Libya's exports near levels from before the uprising. Security must be re-established, a new government must be formed, the United Nations must lift international sanctions and damage to oil fields and pipelines must be repaired.