"In more immediate concerns for the economy, the civil unrest in Libya has sparked fears of a fuel crisis. The price of fuel in Spain, along with much of the rest of the world, has risen consistently in 2011, reaching record levels. While Libya only accounts for 2% of the world’s oil supply, it provides a staggering 50% of that supplied to Europe. Spain’s exposure to Libyan oil is lower, but still represents 13% of all oil consumption." (Quoted from article)