Libya may nationalize its oil industry to control production as oil prices have plummeted over 70% over the past year, said Muammar Qadhafi, the country’s leader.Speaking during a televised address at Georgetown University in Washington, Qadhafi said, “Oil exporting countries may look to nationalization because of the rapidly declining prices.” He added that, at the current low prices, “we may refuse to sell it (oil).” Oil prices need to increase to $100/bbl to halt talks of nationalization, Qadhafi said.According to state-run media, there is increasing pressure on the nation’s legislative and executive bodies to vote for nationalization of oil companie...