Its true, folks, the Libyan leader proposed the nationalization of US oil companies, as well as those of the UK, Germany, Spain, Norway, Canada and Italy in 2009: On January 25, 2009, Muammar Al Gaddafi announced that his country was studying the nationalization because of the rapid fall in oil prices. Because of the rapid fall in oil prices, the oil-exporting countries must put the issue on the table, and discuss it seriously. "Oil should be owned by the state, so that we can have some control about its price!" These statements appear to have worried many foreign companies operating in Libya, such as Anglo-Dutch Shell, British Petroleum, US ExxonMobil, Hess Corp, Marathon Oil, Occidental Petroleum and ConocoPhillips, the Spanish Repsol, Germany's Wintershall, Austria's OMV, Norway's Statoil, Eni and Canada's Petro Canada. In 2008, the Libyan state oil company, National Oil, prepared a report on the subject, in which officials suggested modifying the production-sharing agreements with foreign companies in order to increase state revenues. As a result of these contract changes, Libya gained 5.4 billion dollars in oil revenues. On February 16, 2009, Gaddafi took a step further and called on Libyans to back his proposal to dismantle the government and to distribute the oil wealth directly to the 5 million inhabitants of his country. What would Obama do, considering these circumstances. My guess is that he would squirrel the funds away in some Swiss Bank account.