Spain lowers speed limit amid shortage of oil from Libya

Concerns about oil price spikes as a result of the unrest in Libya led Spanish officials to institute a series of emergency oil-saving measures Friday.

The Associated Press has the story: "Spain will lower highway speed limits, cut train ticket prices and use more biofuel under an emergency energy-saving initiative because of soaring oil prices brought on by unrest in Libya, an official said Friday."

The measures come as oil exports from Libya, the world's 17th largest oil-producing state, have dropped in the wake of the political turmoil in the country. Oil prices shot up this week on the news, at points surging past $100 a barrel. Spain is particularly vulnerable to Libya cutting its oil exports; the country gets 13 percent of its oil from Libya, AP notes.

Meanwhile, in the United States, Obama administration officials sought this week to ease fears of a supply shortage. President Obama said Thursday that the United States will be able to "ride out the Libya situation."

Oil price spikes settled Friday amid Obama's comments and reassurances from the International Energy Agency and the Organization of Petroleum Exporting Countries that they can make up for oil shortages from Libya.