LYCOS RETRIEVER 
Marc Rich: U.S
built 119 days ago
Mr. Rich's phenomenal success ... drew the attention of U.S. government regulators, especially after the oil crisis erupted in 1973. As the Arab oil embargo drove crude prices through the roof and fanned inflation, the U.S. government sought to stabilize the market with legislation that created three classifications of American oil--old, new and stripper. Under this complex system, "old" oil--oil being produced in U.S. wells at or below the 1972 production level--would sell at around $6 a barrel. Oil from "new" wells--those opened since 1973 or producing in excess of their 1972 levels--went for around $10 a barrel. "Stripper" oil--or crude from small wells pumping an average of less than 10 barrels a day--went for whatever the market would bear.
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Rich seemed sure to live out his days in plush exile, a dimly remembered figure in the U.S., far from the reach of its laws. So why bother to push for a pardon? Though Rich isn't talking, friends and former associates say he wanted to regain his freedom to travel. As a fugitive, Rich couldn't set foot in America--he wasn't allowed to visit one of his daughters, who died of leukemia in 1996--or any other country friendly to the U.S. for fear of being captured, extradited, and sent to jail. "The local authorities were looking for him in airports all over the world," says a former U.S. marshal who pursued Rich for more than a decade.
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The Bakhtiar link helped Rich forge links with the Iraqi dictator, says the Kroll report. Kroll says it obtained faxes between Rich and the Bakhtiars describing Rich's intent to trade Iraqi crude through the brothers. Over two decades, Rich traded allegedly through two companies linked with the Bakhtiars: Jaraco and Dynatrade (now owned by INCOME's parent, IGI). The Bakhtiars set up Jaraco in Geneva in 1981. In 2004, the U.S. Treasury identified Jaraco as a major money-laundering conduit for Saddam's billions. Hesham Sheta says, "[One of the] Bakhtiars still acts as a consultant" to IGI, which in turn owns INCOME, from which Rich bought Iraqi crude during Oil-for-Food.
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