Oil prices drop as Mubarak leaves Cairo; Egyptian to Richard Engel: "Egypt will be rebuilt with us."


I'm still reeling from the joy and elation of the Egyptians on my Tee Vee Machine.  No Second Amendment remedies, for the most part, but peaceful demonstrations propelled this historic event.

President Obama is getting kudos from many experts, which must be driving ClusterFox nuts.

Via MSNBC's Richard Engel:

Power has been handed over to the military, which is furious at Mubarak for appointing Suleiman. He says there are reports that their Chief Justice will rule in coordination with the military. A statement is expected tomorrow.

He went on to report that Mubarak gave power to military. The military will rule, but Suleiman's role is unclear. The Governing Council will form with the Supreme Court, per Engel.

Joe Biden was just on TV calling this a "pivotal moment", and went on to say that "the future of Egypt will be determined by the Egyptian people. Violence and intimidation against peaceful demonstrators is unacceptable."

Engel is now reporting that the Egyptians are convinced this will be a better Egypt, that they will "clean the streets",  that they "won" this victory, that they clashed with the police, and now they are celebrating victory.

He is quoting ecstatic people surrounding him who say this is not just a movement, but a "revolt that had to be defended. This is a revolution that they earned with their blood. The Egyptians have shown their ability to be dignified, to show their Egyptian character. This is my Egypt. It is our Egypt. Egypt will be rebuilt with us. Egypt will be rebuilt with democracy, liberty will be on their shovels."

The people are also asking "what happened to all the money?" They can ask that now that Mubarak has stepped down. "There will be lawsuits, demands for retribution."

They are saying that the U.S. has been "with them" and that Al Jazeera has been broadcasting the truth.

"The people and the army are together," say the celebrating people, per Richard Engel. "This has become a giant birthday for the country."


Oil prices dropped on Friday after Egypt's President Hosni Mubarak handed over power to the military and left Cairo.

Benchmark crude for March delivery fell $1.21 to $85.52 in midday trading on the New York Mercantile Exchange. Traders and investors have been concerned that anti-government protests in Egypt over the past 18 days could spread to other parts of the Middle East and disrupt oil supplies. Now that Mubarak has stepped down, the military says it will oversee a democratic transition to a new government.

Closer to home, U.S gasoline prices are the highest ever for this time of year.

More here.

H/t: barelyberlee