Libya to come off the US terror List?

It is being reported that the US is about to restore diplomtic ties with Libya. The article claims that after careful monotring of the countries actvities and the fact that it's leader has dismanteld it's weapons program led to this decision. We haven't had normal diplomacy with Libya in over a half a century.There are two reasons for the US making this decision now as the article points out: Oil and Iran. I'm just wondering if this will come to bite us back.