Cuba Oil Rush: No Americans To Join!

(Fortune Magazine) -- Sometime later this year, less than 70 miles from Florida, a consortium of Spanish, Indian and Norwegian companies will likely start drilling for oil. It could mark the beginning of a Cuban oil rush - one that American oil companies won't be able to join, despite their proximity to the action.

And that has some U.S. oil industry executives and lobbyists seething, especially since the American Association of Petroleum Geologists calls the offshore Cuban oil deposits a "significant find."

CNN

Honestly, I don't know what to think about all this.. 70 miles off the coast, we could claim the waters over Cuba's claims and drill anyways, of course the political contraversy would be outragious.. We could also do a angled drill, drill from our side under the Oceanic crust and tap the oil, draining it faster then Cuba can... of course the world would see it as us stealing Cubas oil..

The House version, sponsored by Jeff Flake (R-Arizona), which would allow the sale of U.S. oil services and equipment to the foreign companies already exploring in Cuba, may also be revived.

"This is not the 1960s, when the Kennedy administration was protecting the U.S. from a possible missile attack," says Charles Drevna, executive vice president of the National Petrochemical and Refiners Association, which represents 450 companies. "These resources will be developed and produced - the question is by whom. Prohibiting U.S. companies from developing resources 90 miles away is an Alice in Wonderland approach to policy that must be revisited."

On the other hand, we have not been fair to Cuba in the past.. and that may just be a set back. If Cuba can produce the oil, someone will buy, and Cuba being such a small state will get rich fast. The quality of life just might be skyrocketing down there, depending on how the communist state uses the money.

We ban their goods until its oil, then we expect them to allow our companies in. In that, I see their point. However, their attitude will likely continue our embargo on them.

Call it Castro's revenge. With Cuba's leader sidelined by illness and its economy in shambles, a major oil find - estimated by the U.S. Geological Survey at 4.6 billion barrels, nearly two-thirds the amount in the Arctic National Wildlife Refuge - could give Havana a new lease on life. "Cuba could be a major regional player in oil," says Jorge Piñon, an oil expert at the University of Miami and a former president of Amoco Oil Latin America.

That is a good size bit of oil for Cuba, given the population I am happy that they may just have life improved compared to the harsh conditions now. We should watch however the relationship between Vanesuala and Cuba, Venesualla apparently wanting to be an enemy of our nation, Cuba joining them with their oil incomes combined could continue turning other South American and Central American countries away from us.

Not a single comment? No one cares?

Should we be happy for Cuba? Be cautious of Cuba? Steal Cubas oil?

I dunno I think this embargoe has gone on long enough. Its ridiculous with so many Americans going there for vacations and business anyway to even continue it. Its our loss that if we had been friendlier maybe we might have prospered from such a find if we had been better neighbors especially once the USSR fell. We should not expect after all these years of banning them to take advantage for the sake of oil. You are right it would be wrong.

Its illegal to bring Cuban cigars into this country UNLESS you got them in Cuba. If you went to the Dominican republic and got them they will be confiscated unless you got them from Cuba. In that case you can bring in about 250 cigars. Strange huh? Luckily I had another 4 boxes in my other suitcase they didn't find LOL

The Cuban embargo as far as I can figure is because a bunch of old fogeys in DC are still alive pushing it. It doesn't seem to have any real value so it's value must be massive and unseen from the general public.

mikell

LOL pie, good job on getting those cigars lol...

I agree with you the embargo has gone on long enough, actions like this embargo merily push people away.. and that is something we should not be doing with the increased hostility toward us all over the South.

I don't think Cuba will let us touch that oil though, they will finally produce it and will strike it rich. In short, they don't need us anymore.

Originally posted by Rockpuck
LOL pie, good job on getting those cigars lol...

I don't think Cuba will let us touch that oil though, they will finally produce it and will strike it rich. In short, they don't need us anymore.

I can't say that I blame them. What have we done to help them with their economy at all? If we had helped them in the past who knows what would have transpired after the fall of the USSR. Maybe there would have been no need for waiting for Castro to die. Maybe we would be prospering from this recent find. Maybe we would have made the lives of Cubans better then what it is if we didn't just abandon them and look the other way.

All these South American countries are banding together. In recent light of what has occurred recently at our hand they are saying to themselves "That Could Be Us!!!"

If we would have taken the approach of offering free trade and such as long as they abide by human rights, I have no doubt in my mind Cuba would have turned to capitalization and the people would have overthrown Castro for democracy.

Originally posted by Rockpuck
Not a single comment?

No one cares?

Should we be happy for Cuba? Be cautious of Cuba? Steal Cubas oil?

I think we should steal it and i'll tell you why. NO ordinary Cuban will ever enjoy one penney of Cuban oil.
People will continue to starve and save for that day when they can put a patch on the float and sail for the US of A.

You think so dg?

Every country that has oil as a main revenue uses it to give the people services of some kind.. with Cuba being so small I am sure it will come back to the people in some way...

Not saying that Cubans will be given checks or anything.. but in theory free good healthcare, school, college, no taxes and a good infrastructure.. in theory anyways..

Originally posted by Rockpuck
If we would have taken the approach of offering free trade and such as long as they abide by human rights, I have no doubt in my mind Cuba would have turned to capitalization and the people would have overthrown Castro for democracy.

I dunno how much you have been in the Carribbean but they are all the same. Go to Jamaica and see troops going around with machine guns and mansions on one side of the street and aluminum huts on the other side. Dominican republic isn't much different. Maybe if Castro wasn't there it might have been worse.

Rock,

I could only hope for some good deed above and beyond that damned toaster he gave every household a couple of years ago.

TOp of the line Medicine for everyone who suffers as a result of poor sanitary conditions, malnurishment, anxiety, hunger, hemorrhoids, funguses and what have you.

Good medicine for free.

Wow a toaster huh.

Maybe this time around Cubans will get a toaster with one of those nifty egg cookers on the side!

What else will they do with the billions they will make off this? ... Build up an army? = a quick way to have the CIA take you out.

The US could and possibly should use this as leverage - the US will embargo Cuban oil if there is no international pressure for Cuba to adopt a meaningful popular constitution and legal system which has the interest of the people in mind.

Before - Cuba had little to lose and so the embargo was meaningless, now it is the person who sees they could have more than rags, and so now is the time forcing them to remain in rags could have significant leverage.

It is impossible to use an oil embargo.. it goes onto the world market .. you never really truly know what oil your getting.

I truly do not believe that Cuba has oil, if that is possible at all, the Caribbean are tip of a mountain range and to get to that oil it will cost to much money just to reach the bottom of the ocean.

Then if Cuba has oil it means that the entire Caribbean have oil, including PR, Santo Domingo, Haiti, Jamaica and the small Antilles . . .

I don't think that people will allow oil rigs and spills in the oceans known for their beauty and attraction to the tourist industry and neither for the fishing industry that is one of the best source of income in the Caribbean for the poor in some of the smallest Islands.

Cuba has been telling for a while that they have oil, but that is still to be prove with real facts.

this one will be one to see.

[edit on 8-3-2007 by marg6043]

Its off the coast, not on the island its self.. though there is a little on the island it's self, not significant though. They have called in European oil rigging companies to build them an oil rig in the Gulf.

I know what to think...

I think its about time quit worrying about oil (w/e that strange hippie liquid is) and start thinking about something new for energy.

Ha .. that would be great, but any resource has its draw backs.

Hydrogen. Its biproduct is water.

Think about that... millions of cars driving every day producing water... roads slick.. humidity high.. it could produce late afternoon thunder storms in places like LA or New York City.. you never know fully the side effects of a resource untill it is officially used in mass amounts.

Oil is the only thing we have right now, no other resource will make money and serve its purpose.. untill the mircle car of the future gets here we have to worry about oil.

Originally posted by Rockpuck
Ha .. that would be great, but any resource has its draw backs.

Hydrogen. Its biproduct is water.

Think about that... millions of cars driving every day producing water... roads slick.. humidity high.. it could produce late afternoon thunder storms in places like LA or New York City.. you never know fully the side effects of a resource untill it is officially used in mass amounts.

Oil is the only thing we have right now, no other resource will make money and serve its purpose.. untill the mircle car of the future gets here we have to worry about oil.

Your kidding yourself, do some research.

We could make energy out of many things.

If we did enough research even garbage... but...
ATM we are looking to vegies for ethenal and manure for energy.

There are many solutions believe it, the fact is sad...
The oil corps have us locked in to the only avialable energy and no1 can compete with it.