Libya will try to buy its way clear of the stigma of the 1988 airliner bombing.

Libya has promised to pay families of victims at least $5 million each and admit to some responsibility for a terrorist bombing in 1988 that downed Pan Am Flight 103.

Before anyone jumps to the conclusion that Libyan dictator Moammar Gadhafi has undergone a massive surge of conscience, it should be noted that he is bargaining in a grisly sort of way.

We are told that the offer represents a new effort by Gadhafi to close the door on the Pan Am case and lessen the tinge of terrorism in the aftermath of 9-11. But then comes the kicker: Gadhafi also wants the return of U.S. oil companies. In 1986, Washington barred American oil companies from Libya, a country whose economy is heavily dependent on oil. To date, the United States is not leaping at the offer even though it might be tempting to some survivors of the bomb-crash victims.

Under the Gadhafi offer, families of the 270 victims would receive $5 million each, for a total settlement of $1.35 billion. That is providing United Nations sanctions against Libya are lifted. That amount would be doubled if the George W. Bush administration allows economic ties to be resumed with the North African country within the next eight months.

Relatives of the victims are sending mixed signals to the White House, and their views will figure in the final decision, as they should. But considering how long and how painfully Gadhafi has dodged the responsibility for the tragedy, perhaps this will be the best solution achievable.

What Libya is doing is entering a “no contest” plea. Nobody expects Gadhafi to publicly accept full responsibility for the bombing that was orchestrated on his watch. But some progress and healing could occur.

Another factor that should weigh heavily in any settlement is what kind of lasting benefit the United States can get from a settlement. That might conflict with the feelings of the survivors, but there would seem to be room for negotiation.

The potential agreement was reached in Paris recently by a Libyan delegation and lawyers for the victims. But there still are some details to be worked out.

Is a single life worth $5 million, or $10 million? Answers to that question will vary according to the individual respondents.

It is disgusting in the eyes of most that Gadhafi can try to buy his way out of this horrible situation. Even an open admission and 10 times the amounts of money offered will never fully compensate for what happened.

But perhaps this is about the best that any people victimized by this tragedy are going to get.