WASHINGTON - President Bush took steps Friday to restore normal trade and investment ties with Libya, moving to allow resumption of oil imports and most commercial and financial activities as a reward to Moammar Gadhafi for eliminating his most destructive weapons.
Friday's action allows four American oil companies to resume commercial activities in Libya after an 18-year absence. They are Occidental Petroleum Corp., Amerada Hess Corp., Marathon Oil Co. and Conoco Inc. The latter three operated jointly in Libya as the Oasis Group.
He said the easing of sanctions will benefit U.S. oil companies as well as the Libyan and American peoples.
Slick move George.
