That whole Gaddafi situation was really suspect. Yeah, he was an enemy of the U.S. back in the 80s, but what happened to him decades later and the circumstances behind it... let's just say conspiracy theories are about the only explanation.
You can be very inefficient when you're a big player in an oil cartel. I'm sure Colombia could nationalize drug smuggling and do okay as well...even with all kinds of waste and mismanagement of resources.