Bailing Out

Exxon withdraws from Libya

Ever since Libya became the personal fiefdom and fortress of Colonel Muammar Gaddafi in 1969, it has been a treacherous place for Western oil companies to pump crude. In 1973 Gaddafi seized a 51% share of all U.S. oil operations in Libya and threw Texas Oilman Bunker Hunt out of the country altogether. But last week an oil company reversed roles and walked out on the colonel. Exxon announced that it was withdrawing all its oil and gas operations from Libya. The company will turn over to Gaddafi its 49%...

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