Table of Contents
- Who Was Oscar S. Wyatt Jr.?
- The Rise of Coastal Corporation
- Dealing With Dictators and Presidents
- The Iraq Kickback Scandal
- A Complicated Legacy in American Energy
- Sources
Who Was Oscar S. Wyatt Jr.?
Oscar S. Wyatt Jr.—the larger-than-life Texas oilman known for his shrewd deals, cowboy swagger, and globe-trotting diplomacy—has died at the age of 101. A true wildcatter in the classic Texas mold, Wyatt built an energy empire from a modest $800 loan and became one of the most influential—and controversial—figures in American energy history.
His life spanned the golden age of U.S. oil dominance, Cold War geopolitics, and the murky world of international sanctions-busting. He rubbed shoulders with U.S. presidents, cut billion-dollar deals with foreign autocrats, and ultimately served time in federal prison—all while maintaining his reputation as a fiercely independent operator.
The Rise of Coastal Corporation
In 1955, Wyatt founded a small pipeline company that would evolve into Coastal Corporation, a Fortune 500 energy giant. By the 1980s and 1990s, Coastal was a major player in natural gas and crude oil, rivaling Enron and El Paso Gas in scale and influence.
Wyatt’s business philosophy was simple: move fast, take risks, and never wait for permission. That approach made him billions—and earned him a loyal following in Houston’s energy elite.
Key Milestones in Wyatt’s Career:
- 1955: Founded pipeline company with $800 loan
- 1970s–1990s: Expanded Coastal into global energy markets
- 1980s: Became a top donor to U.S. political campaigns
- 2007: Pleaded guilty to violating U.N. sanctions against Iraq
- 2008: Served 13 months in federal prison
Dealing With Dictators and Presidents
Wyatt didn’t just sell oil—he shaped energy diplomacy. He cultivated relationships with leaders across the ideological spectrum, from Saddam Hussein to George H.W. Bush. His ability to navigate volatile regimes made him invaluable during oil crises but also drew scrutiny from U.S. regulators.
He famously argued that commerce, not sanctions, was the best path to peace—a belief that ultimately led to his legal downfall.
The Iraq Kickback Scandal
In the early 2000s, investigators uncovered that Wyatt’s companies had funneled illegal payments to Saddam Hussein’s regime through the U.N.’s oil-for-food program—a humanitarian effort meant to ease Iraqi civilian suffering without enriching the dictator.
In 2007, Wyatt pleaded guilty to conspiracy to violate the International Emergency Economic Powers Act. He admitted to authorizing $1.6 million in surcharges on oil purchases that went directly to Baghdad. At age 83, he served 13 months in federal prison—a rare fate for a billionaire industrialist.
Even then, Wyatt never expressed regret for trying to keep oil flowing. “I did what I thought was right for my company and my country,” he reportedly told associates.
A Complicated Legacy in American Energy
Oscar Wyatt’s story embodies the contradictions of American capitalism: visionary yet reckless, patriotic yet defiant, entrepreneurial yet entangled in global corruption.
To some, he was a pioneer who helped secure U.S. energy access during turbulent decades. To others, he was a cautionary tale of unchecked ambition. But few would deny his impact on the energy industry—a sector he helped globalize long before it was fashionable.
Wyatt died in Houston on October 9, 2025. He is survived by his sons, Trey and Steven Wyatt, who confirmed his passing.
