Both chambers of Congress approved a bill yesterday that seemingly completes Col. Muammar Gaddafi's atonement for his terrorist past. The legislation immunizes Libya from terror-related litigation in exchange for a $1 billion settlement that will be dispersed by the State Department to American victims of Libyan-sponsored terrorist attacks. This is terrific news, first of all, for those affected by the 1988 Lockerbie airplane disaster and a 1986 attack on a Berlin discotheque. They and their lawyers have already received millions in payments from Libya, and are likely to recoup a good chunk of the $540 million and $114 million they are still owed, respectively, under previously reached settlements.

The other big beneficiary in this deal? Gaddafi!

For starters, he's now off the hook for billions more in damages to victims of other terrorist attacks he's sponsored. Thanks to his newfound immunity, for instance, he no longer has to worry about paying victims of Irish Republican Army attacks he underwrote in the '70s and '80s. Also screwed by this congressional deal are family members of Americans killed in a 1989 jumbo jet explosion in Africa that was planned by Gaddafi's brother-in-law and other Libyan officials. The family members won a $6 billion judgment against Libya just months ago, but will probably get no more than 5 and 10 percent under the new agreement according to their lawyers.

What's more, the clearance of this longstanding diplomatic kerfuffle will undoubtedly enable Gaddafi to make billions more from U.S. energy and financial interests jonesin' to get their mitts on Libya's vast reserves of highly desirable light, sweet crude. Take note Switzerland, this is how you deal with oil-rich terrorists!