December 29, 2003

More Libya

Ah, a key reason why the bush administration is ready to bring Libya back into the fold:

In return for the promise to end its illegal weapons programme, the US will gradually lift its sanctions, freeing up Libya�s oil industry.
Well, freeing up Libya's oil for US companies who can't go there now:
At present there are no economic relations between the two countries and Washington has a ban on US passport-holders visiting Libya without official permission. That could now end if sanctions are lifted and, judging by Bush�s enthusiastic welcome of this about-turn, it cannot come soon enough.
And if bush doesn't open it soon oil companies from other countries may get all the low hanging fruit:
Dr Kantsler said several of the world's major international oil and gas companies, including Repsol, Agip of Italy, Total of France, Wintershall of Germany, and Petro-Canada, were already active in Libya.
And this would not make certain bush supporters happy:
During the 1980s , US firms were producing one million barrels of Libyan oil per day and, according to a recent report, new technology could see this double. One firm which would benefit from this is the Halliburton Corporation, whose chief executive until recently was the US vice-president, Dick Cheney.
Via Suburban Guerilla.

Posted by Steve on December 29, 2003
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