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Bush eases years of libya sanctions { April 24 2004 } Original Source Link: (May no longer be active)    http://www.sltrib.com/2004/Apr/04242004/nation_w/160287.asp http://www.sltrib.com/2004/Apr/04242004/nation_w/160287.asp SATURDAY April 24, 2004 Bush eases years-long economic sanctions against Libya By Ron Hutcheson Knight Ridder News Service WASHINGTON -- President Bush on Friday eased economic sanctions against Libya, ending its status as a pariah nation and clearing the way for the return of American oil companies. Bush's order ending Libya's economic isolation gave Libyan leader Moammar Gadhafi the reward that he wanted for agreeing in December to abandon his pursuit of weapons of mass destruction. At Gadhafi's invitation, U.S. officials later traveled to Libya and carted off equipment for making nuclear weapons. For Gadhafi, renewed economic ties offer a way out of economic problems that have undermined support for his regime. Libyan oil production, the country's economic mainstay, peaked at about 3.3 million barrels a day in 1970, but has fallen to less than half that amount since President Reagan ordered U.S. oil companies to leave Libya. The North African country has proven reserves of 36 billion barrels, but energy experts believe that there's a lot more undiscovered oil. U.S. technology and expertise could help find new sources and boost production and existing fields. Libyan oil is particularly valued because of its high quality and low sulfur content. "Despite years of oil production, Libya retains a large untapped oil and gas potential," the Energy Department said in a report last summer. Gadhafi's surprise offer and Bush's response brought a swift end to nearly two decades of tension between the two countries. Reagan, who once called Gadhafi a "mad dog," imposed economic sanctions in 1986 after Libya was implicated in terrorist bombings the previous year at the Rome and Vienna airports. Additional economic penalties were imposed in 1996 after Libya was linked to the 1988 bombing of Pan Am Flight 103 over Lockerbie, Scotland. Last year Libya took responsibility for the terrorist attack and agreed to compensate relatives of the 270 victims. The United Nations responded by lifting international sanctions. White House spokesman Scott McClellan said Libya's decision to abandon chemical, biological and nuclear weapons "set a standard that we hope other nations will emulate." The presidential order also calls for opening a U.S. diplomatic office in Tripoli and expanding cultural and educational ties between the two countries. The United States will also drop its opposition to Libya's efforts to join the World Trade Organization.

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