Force Majeure: Libya And Fuel

Libya is one place where you will not want to be using your frequent flyer miles card that is for sure. There is always some kind of unruliness and unrest going on. Right now there has been a lot of confusion about whether oil is going in and out or not. Most people now know that Libya has declared a force majeure.

force majeureA force majeure simply means that they do not have to fulfill their contractual agreements. You may be thinking, what that is not fair! Yes, it is a little odd but the only time that they can declare this is when there is some sort of thing that is going on which is beyond their control. Some of the things that you may declare a force majeure over are thing like an act of God and war.

Nonetheless there are many people that are extremely worried. Italy is one of the countries that finds the oil supply of Libya important to their economy and way of life. If things do not settle down shortly this may cause a big hickup for the Italians. I do not currently see an end of the tunnel when it comes to the force majeure.

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