A New Source

There's more good news out of Libya.

The US-based Occidental Petroleum Corporation says Libya has given it permission to resume operations there for the first time in 19 years.

The company was forced to abandon production in Libya in the mid-1980s, because of sanctions against Tripoli imposed by the US government.

Its facilities were taken over by the Libyan state oil company.

The US eased economic sanctions against Libya in 2004, opening the door for oil companies to return.

Libya has a long way to go before it's back up to speed with the rest of the world, but this is an outstanding development. As I noted in this post from last December, Colonel Qaddafi may be a bit wacky, but he's got things figured out. If everyone plays their cards right, he could wind up setting an example to be followed by many of the dictators of the world.