By Jay Holmes

In short, what happens if you sell your soul to the devil, and the devil is deposed? European businessmen, the UK, and Italy are in exactly that quandary.

European businessmen and the UK government, under Labor Party’s Gordon Brown, did a deal with Gadhafi. It went like this. Gadhafi promised British Petroleum (“BP”) that it would continue to let it pump more oil, around $900 million, out of Libyan oil fields. He also promised BP and the UK government that he would give UK companies preferential treatment when international sanctions were lifted. In return, the UK would send home Abdel Al-Megrahi, the man convicted of the bombing over Lockerbie, Scotland.

In August 2009, Scotland did release Al-Megrahi, supposedly on humanitarian grounds. He supposedly had prostate cancer and was going to die within three months. He left the UK on a hospital bed and was miraculously healed during his flight to Libya, regaining his ability to walk. He is still alive today.

BP and the UK have yet to fully collect on their bargain, and you can bet some of them are biting their nails to see their back room deal in such peril of falling through with Gadhafi on the brink of being deposed.

The other European country currently gnashing its nails is Italy. While Holmes would dearly love to never, ever drive in Rome or Milan again, lots of folks in Rome and Milan feel differently about that, and they want their oil.

Since WWII, Italy has gotten approximately 70% of its petroleum products from Libya. Also, a natural gas line, the Greenstream Pipeline, that was completed in October 2004 runs straight from Wafa, Libya, to Gela, Sicily. Italy’s energy company, ENI, says Italians only get 10% of their gas from this line, but some sources believe Italy’s current dependence on Greenstream may be as high as 20%. On February 22, the Greenstream Pipeline was temporarily suspended.

From the Libyan perspective, Italy is the biggest importer of Libyan gas, taking 38% of the Libyan gas pie. Germany is also a big player, getting a 19% slice. In fact, Gadhafi’s current worries could be the one thing that finally gets Berlusconi in bed with Angela Merkel, something he has craved for years.

As an aside, this does explain a lot about Berlusconi’s infamous sex life. Having spent more than one unpleasant night in bed with Gadhafi, we can understand his urgent need sleep with beautiful young women to erase that traumatic, prison-like memory. But be sure he’s not holding one of his famous bunga bunga parties over this Libyan situation.

So again, here’s our question for you. What becomes of souls traded to the devil when the devil joins the unemployment line? Anyone have any experience with corporate soul purchases?

All the best to all of you for valuing your souls.