With the regime of Col. Moammar Gadhafi appearing to be quickly falling apart, President Barack Obama released a statement late Sunday calling on the dictator to "relinquish power once and for all." "Tonight, the momentum against the Gadhafi regime has reached a tipping point. Tripoli is slipping from the grasp of a tyrant. The Gadhafi regime is showing signs of collapsing. The people of Libya are showing that the universal pursuit of dignity and freedom is far stronger than the iron fist of a dictator," said Obama in the statement. "The surest way for the bloodshed to end is simple: Moammar Gadhafi and his regime need to recognize that their rule has come to an end," he continued. "A season of conflict must lead to one of peace." The White House was anxiously monitoring the developments from Obama's vacation residence on Martha's Vineyard, where he has been getting frequent updates in between golf games and social outings. Read more: http://www.cnn.com/2011/POLITICS/08/22/obama.libya.statement/index.html?hpt=hp_t2