Pump too fast? That isn't how it works.. and they don't pump oil in the Middle East. They drill wells all the time and cap most of them depending on pressure, flow rate and quality or ease of refining.. Libya's oil is light and sweet for the most part. They use gas injection to keep pressure up and put Christmas trees over the bore holes NOT rocker pumps.There are lots of independents who could have helped in a transition.Then you don't know anything about the oil business.. You need time to train up a labor pool to take over.. Gaddafi wrecked their oil business because he nationalized prematurely.But even though I am born and live in the US, I also hate the US government.What you believe is wrong.. My family was there to monitor Gaddafi for Esso Libya. He wasn't a puppet. He was horribly anti American that's why he hired Abdullah Tariki who had been the oil minister in KSA .. He was fired by the King for being anti American and demanding that ARAMCO be nationalized..You can't implement a "bloodless coup d'etat" unless you have the support of the majority of the power holders.... 1969 a group of about 70 junior Libyan military officers lead by Muammar Gaddafi took the opportunity to stage a bloodless coup d'état. ...
Which in the case of Libya, means the southern hill tribal elders.
So I believe Qaddafi was just a puppet, and he really was not doing any significant harm.
The US was falsely making him look bad because the Israelis did not like him.
Libya did nationalize their oil business prematurely and damn near killed their oil business.. They were a pariah state for the next 20 years.
Anyone with any ethics should be anti-American.
So being anti-American does not mean he was not a puppet, just not a US puppet.
My opinion is he was picked by the southern hill tribal elders.
I think nationalizing oil interest is always a good idea, because I think the multi national oil companies are very harmful.
It depends.. The British model was very negative and exploited the people and their resources.. The American model did not... and nationalization was built in on a timeline agreed upon with the original concession.. Their revenue share was 50-50 whereas the Brits paid Iran 7 cents on the dollar.. After Operation Ajax in 1952-3.. they did increase it to 13 cents. .
Russians if nothing else.
The harm British or US oil companies would do is to pump too quickly, and deplete the resources when oil is too low in price.
Any country should always nationalize oil so they can conserve it so it last longer.
Eventually when world supplies run low, THAT is when you want to still have oil, and sell it for the highest possible price.
Reserve management is required and oil reserve measurement is an art .. its an economic measurement not a barrels per borehole measurement.