Oil for Iraq Liberation Act of 2008 - Prohibits: (1) the entry into or the performance by a U.S. person or an entity owned or controlled by such person of a contract that includes overall management responsibility for petroleum development in Iraq, a contract for financing petroleum development in Iraq, or the guaranty of another person's performance under either such contract; (2) any investment by such person in Iraq's petroleum resources; and (3) any transaction by such person that evades or violates such prohibitions.
Sets forth penalties for violation of such prohibitions.
Defines specified terms.