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.