Increasing state control over the oil sector, the RCC began a program of nationalization, starting with the expropriation of British Petroleum's share of the British Petroleum-N.B. Hunt Sahir Field in December 1971. In September 1973, it was announced that all foreign oil producers active in Libya were to be nationalized. For Gaddafi, this was an important step towards socialism. It proved an economic success; while gross domestic product had been $3.8 billion in 1969, it had risen to $13.7 billion in 1974, and $24.5 billion in 1979. In turn, the Libyans' standard of life greatly improved over the first decade of Gaddafi's administration, and by 1979 the average per-capita income was at $8,170, up from $40 in 1951; this was above the average of many industrialized countries like Italy and the U.K. COUNT 9
QSN1 In 1979, how much did the average per capita income change for Libyans? ANS1 by 1979 the average per-capita income was at $8,170, up from $40 in 1951 QSN2 How did Libya's gross domestic product increase from 1969 to 1979? ANS2 while gross domestic product had been $3.8 billion in 1969, it had risen to $13.7 billion in 1974, and $24.5 billion in 1979. QSN3 What decision allowed Gaddafi to move Libya closer to socialism? ANS3 In September 1973, it was announced that all foreign oil producers active in Libya were to be nationalized. QSN4 How did the RCC begin their march toward nationalization? ANS4 starting with the expropriation of British Petroleum's share of the British Petroleum-N.B. Hunt Sahir Field in December 1971. QSN5 What company's property did Libya nationalize in December of 1971? ANS5 British Petroleum QSN6 In what month and year was a blanket nationalization of foreign oil production proclaimed? ANS6 September 1973 QSN7 What was Libya's GDP in 1969? ANS7 $3.8 billion QSN8 In what year did Libya have a GDP of $24.5 billion? ANS8 1979 QSN9 What was Libya's per-capita income in 1951? ANS9 $40