As far as the oil trade in general, it's been dominated by cloak and dagger stuff for decades, in the US we have a partnership between the oil firms and the gov't where the gov't goes to bat for them in foreign countries, and in return they don't pay their taxes. In China, there's less of a formal division between the two so it's simpler. But both cases are the same.
And I'm not saying that's right, but it's a lot more complex than "the US controls Iraq's oil". We don't, really, we have to bribe people and do underhanded stuff on equal footing with everyone else at this point.
Well yea, I can imagine Qaddafi saying "You fools, don't bomb us, you are the ones who buy our oil!" and then US and Co says "Well, you fool, we came here to take it for free!"
Edit: Where free means "We still buy it according to market rates, but heck, prove the opposite, we own the media anyway"
Any "control" that the US has over the oil in Iraq is in the form of contracts that US firms have to develop the oilfields, which are currently being bid against by chinese, russian and dutch firms:
http://www.ibtimes.com/articles/258812/20111130/exxonmobil-i...
http://news.xinhuanet.com/english2010/world/2011-11/12/c_131...
I'd note that politically, from this point forwards it's a big win for Iraqi politicians to support non-US interests as far as the oil, so the only special treatment we'll be able to get is the same as in Nigeria, etc: Bribe the right people and hope you did a better job than the Chinese.