At first glance, this might appear to be a promising development for the Libyan people. The country desperately needs reconstruction, political stability, and investment. But new oil deals are unlikely to provide these benefits. Libya suffers from an entrenched system of predatory graft through which the country’s oil riches have been siphoned off by a corrupt elite. The result is to drive up fuel prices for everyday Libyans and leave them struggling.

International oil companies are lining up to reenter Libya’s oil sector. Libya is currently rolling out its first bid round for new oil exploration and development in nearly two decades, and there appear to be many takers from around the globe, including U.S. companies.

International oil companies are lining up to reenter Libya’s oil sector. Libya is currently rolling out its first bid round for new oil exploration and development in nearly two decades, and there appear to be many takers from around the globe, including U.S. companies.

At first glance, this might appear to be a promising development for the Libyan people. The country desperately needs reconstruction, political stability, and investment. But new oil deals are unlikely to provide these benefits. Libya suffers from an entrenched system of predatory graft through which the country’s oil riches have been siphoned off by a corrupt elite.