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End embargo before China taps oil 45 miles off U.S. coast
, The Billings Gazette ^ | July 16, 2009 | MARK J. PERRY

Posted on 07/16/2009 10:22:50 PM PDT by george76

The 47-year-old trade embargo against Cuba has been shaken by the revelation that drilling for oil and natural gas is about to take place less than 50 miles off the U.S. coast - in Cuban waters.

No one knows for sure just how much oil lies off the northwest coast of Cuba, but the consensus is that it's sizable.

The U.S. Geological Survey initially came up with an estimate in 2004 of between 5 billion barrels and 10 billion barrels. But Cuba's state oil company, Cubapetroleo, recently said the undersea geology was "very similar" to Mexico's giant Cantarell oil field in the Bay of Campeche and that the Cuban field may contain 20 billion barrels, more than twice the previous estimate.

If confirmed, this would place Cuba's oil reserves among the top 20 in the world and not far behind the United States, which has 29 billion barrels. A number of U.S. geologists believe Cuba's revised estimate could actually be conservative and that it may only scratch the surface of its real potential.

The Cuban government is not only sitting on a potential oil bonanza but it has already awarded oil and gas exploration leases to companies from Canada, China, Spain, India, Venezuela and Norway. And Cuba is negotiating with Brazil's Petrobras, a company with years of experience in deepwater drilling.

If U.S. firms are forbidden by their own government to drill for oil and gas in Cuban waters, then the national oil companies of other countries will benefit while our investor-owned companies watch from the sidelines.

(Excerpt) Read more at billingsgazette.com ...


TOPICS: Business/Economy; Cuba; Editorial; Extended News; Foreign Affairs; US: Florida
KEYWORDS: china; cuba; cuban; embargo; energy; gas; oil

1 posted on 07/16/2009 10:22:50 PM PDT by george76
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To: george76

Make Cuber the 58th state!


2 posted on 07/16/2009 10:24:13 PM PDT by rahbert ("...but Rush....but Rush...")
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To: george76

Another good reason to end the embargo.


3 posted on 07/16/2009 10:29:45 PM PDT by trumandogz (The Democrats are driving us to Socialism at 100 MPH -The GOP is driving us to Socialism at 97.5 MPH)
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To: george76

And then can we end the embargo on ANWR?


4 posted on 07/16/2009 10:32:06 PM PDT by eclecticEel (The Most High rules in the kingdom of men ... and sets over it the basest of men.)
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To: rahbert

I’m a little slow right now, but 51-57??


5 posted on 07/16/2009 10:32:34 PM PDT by dynamitehack (Are you serious?!?!?)
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To: george76

They will be drilling OUR OIL, they have mighty big straws nowadays.


6 posted on 07/16/2009 10:35:01 PM PDT by runninglips (It was just time for this to come to a head.....hope we wake up soon)
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To: george76

I wonder which Mark Perry this is? There was a far-left writer for the various “City Papers” many years ago, including DC.

Does anyone know who this guy is?


7 posted on 07/16/2009 10:42:11 PM PDT by MadMax, the Grinning Reaper
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To: george76
Is this guy logically deficient? We can drill in areas adjacent and tap the same oil, I would think. Oil people, tell me I'm wrong.

Oh yeah, dems won't let us.

8 posted on 07/16/2009 10:44:05 PM PDT by Eagles6 ( Typical White Guy: Christian, Constitutionalist, Heterosexual, Redneck. (Let them eat arugula!))
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To: george76
Absent some sort of evidence, comparisons with Cantarell are nonsense. That particular field is unique or nearly so in terms of how the geologists believe it originated.

There is some production in Cuba. A bonanza offshore? Let it play out.

BTW, I am in no way in favor of the Florida ban. It is important to recognize however that there is little onshore production in Florida. Ergo, unless there is something unique occurring offshore, don't count your barrels before they hatch.

One last comment: Parts of the panhandle are very prospective. If a big field is going to found in Florida, maybe it will be a pure wildcat, but likely more it will be found in under explored extension ["on trend"] of places where oil and gas are known to exist.Once again: Cantarell? ????

9 posted on 07/16/2009 10:47:49 PM PDT by R W Reactionairy ("Everyone is entitled to their own opinion ... but not to their own facts" Daniel Patrick Moynihan)
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To: Eagles6
So when they have a oil mishap and crude starts washing ashore in Florida killing all those pink flamingos then what?
10 posted on 07/16/2009 10:48:14 PM PDT by guitarplayer1953
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To: runninglips

They’ll drink our milk shake.


11 posted on 07/16/2009 10:49:02 PM PDT by Jeff Chandler (The University of Notre Dame's motto: "Kill our unborn children? YES WE CAN!")
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To: guitarplayer1953
So when they have a oil mishap and crude starts washing ashore in Florida killing all those pink flamingos then what?

That will be a GOOD mishap, because it will be a communist mishap. At least according to the Democrats.

12 posted on 07/16/2009 10:50:11 PM PDT by Jeff Chandler (The University of Notre Dame's motto: "Kill our unborn children? YES WE CAN!")
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To: runninglips

13 posted on 07/16/2009 10:51:15 PM PDT by pepperhead (Kennedys float, Mary Jos don't)
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To: george76
Hello? Everybody is forgetting:

We don't want oil.

When you drive your car it makes Mother Earth cry.
14 posted on 07/16/2009 10:51:46 PM PDT by Jeff Chandler (The University of Notre Dame's motto: "Kill our unborn children? YES WE CAN!")
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To: guitarplayer1953

Won’t count, donchaknow.


15 posted on 07/16/2009 10:52:21 PM PDT by Eagles6 ( Typical White Guy: Christian, Constitutionalist, Heterosexual, Redneck. (Let them eat arugula!))
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To: Eagles6
Or if nothing happens and we can't see the oil derricks from the Florida coast beach would that not be a good argument of why not us to taping into that sweet crude?
16 posted on 07/16/2009 10:59:37 PM PDT by guitarplayer1953
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To: guitarplayer1953

Apparently so. Just ask teddy “ the swimmer kennedy” or john effin’ kerry about wind farms off their beach house coasts.


17 posted on 07/16/2009 11:05:21 PM PDT by Eagles6 ( Typical White Guy: Christian, Constitutionalist, Heterosexual, Redneck. (Let them eat arugula!))
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To: george76
The dems put our national security interests on energy independence in the grave last year.

The Chinese are the world's capitalists now. We are on our way to becoming a failed socialist state consigned to the dustbin of history.

18 posted on 07/16/2009 11:33:39 PM PDT by IrishCatholic (No local Communist or Socialist Party Chapter? Join the Democrats, it's the same thing!)
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To: george76

Well then, good for China and Cuba.
The nitwit assh@ts we have here making energy policy think if we can’t exploit our own resources, then nobody can.
Oil, being a fungible commodity, can then be sold back to us,
or used in their own countries.
We are now governed by vile, pernicious degenerates.


19 posted on 07/16/2009 11:36:26 PM PDT by gigster
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To: george76
[Article] But Cuba's state oil company, Cubapetroleo, recently said the undersea geology was "very similar" to Mexico's giant Cantarell oil field in the Bay of Campeche.....

The Cubans couldn't know that unless they'd drilled the structure.

Cantarell is almost unique in the world, so it's fairly rash to say that whatever they're drilling in the Cuban OCS is "very similar".

Cantarell is an enormous mass-flow or slump deposit (submarine landslide) of carbonate shelf sediments mobilized by the Chicxulub bolide when it struck the Yucatan shelf in about 100'-300' of water (sea levels were higher than now), ending the Cretaceous Period and the Mesozoic Era.

Cuba's close enough that the Chicxulub (pron. "chick-shoo-loob") impactor could have mobilized the Cuban shelf-edge deposits in similar manner, so it's not totally outside the realm of possibility -- but for them to make the claim means that they would have to possess a very strong time-tie of the Cuban slump event to either the Chicxulub crater or the Cantarell debris flow.

If the Cubans are right and their play works, or even if it works for the wrong reasons (hell, let's not be picky), it would be a tremendous benefit for them and for the whole world economy, which could use some really big discoveries in the next 10 years. It would benefit the U.S. as well, even if nary a drop were sold into U.S. markets. It would go into world markets, and all would benefit. Now, if the Left manages to find a way to politicize world markets and screw everything up, then it doesn't matter how well the geologists or engineers or anyone anywhere does his job -- you can't stop political Leftists from screwing up everything they touch.

20 posted on 07/17/2009 1:28:48 AM PDT by lentulusgracchus
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To: george76
As long as the US doesn't get it, Obama will be happy. Energy shortages, rationing and more government programs flow from domestic energy limitations. The primary goal of the Obama Administration is control, not energy development.
21 posted on 07/17/2009 1:54:41 AM PDT by Truth29
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To: george76; All

forget about the embargo.... BUY CUBA INSTEAD

20 billion barrels @ $75/barrel == $1.5 trillion

11,451,652 people in cuba

i would offer $50,000 to every citizen of cuba if they were to overthrow the cuban government, and the interim government would offer itself up to be a US commonwealth

for $572 billion we could get....

o 11 million people with $50,000 in an account looking to spend it
o no more communist dictators on the island
o no more national security concerns in cuba
o a (bigger) staging area for the southern hemisphere
o various natural resources
o a tourist destination
o $1 trillion in oil profits


22 posted on 07/17/2009 2:03:28 AM PDT by sten
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Comment #23 Removed by Moderator

To: george76

We have plenty of areas oof the US where we can drill for oil...

Ending the Cuban Embargo will only enrich Castro and the Communists. It will just keep them in power longer.

We have learned, that, Free Trade with Communist China only enriches Communists....it does not change them. A Commie with money in his pocket is still a commie.

It is always the Commies and Free Traders who want to end the Cuban Embargo. Lifting the embargo will not help the Cuban people, as Castro and his goons will pocket all the money


24 posted on 07/17/2009 6:09:44 AM PDT by UCFRoadWarrior (America First: A Globalist's Two Least Favorite Words)
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To: DoGodine u Rusiji

Like to find out where this oil discovery lies exactly. I doubt that oil fields obey arbitrary borders. Also cuba is drilling 45 miles off their coast, which is 45 miles off of the FL coast. This is a much greater than the territorial waters limit but is within the 200 mile exclusive economic zone. I believe that it was Carter and the dems that agreed to split the difference with cuba.


25 posted on 07/17/2009 10:26:51 AM PDT by Eagles6 ( Typical White Guy: Christian, Constitutionalist, Heterosexual, Redneck. (Let them eat arugula!))
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To: guitarplayer1953
That's the chance you take. Drilling has come a long way. The rigs in the Gulf have been hit with many major hurricanes without major mishap.

That's what the econutz want, everybody to say "not in my backyard" to all drilling, mining, logging and nuke plants.

26 posted on 07/17/2009 10:35:14 AM PDT by Eagles6 ( Typical White Guy: Christian, Constitutionalist, Heterosexual, Redneck. (Let them eat arugula!))
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To: sten

Don’t forget, we’d gain room to expand Gitmo.
I see tennis courts for 1 armed muzzie terrorists, a newly
expanded store with Rush’s Club Gitmo stuff, and a hugh
Waterboarding park for the whole terrorist family!


27 posted on 07/18/2009 10:14:19 AM PDT by Fireone (230 days of on the job training and he still can't do it.)
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To: sten
DNIG DING DING DING DING DING DING DING DING DING!

NO more calls, please.

We have a WINNER!

Cheers!

28 posted on 07/18/2009 10:29:53 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: grey_whiskers

now the only problem is getting the idea into the heads of those that would implement it... before some large conglomerate decides to do it first, and sell the oil back to the US for the profits


29 posted on 07/18/2009 9:10:20 PM PDT by sten
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To: dynamitehack; rahbert
I’m a little slow right now, but 51-57??.

....I was thinking the same thing.... :)

30 posted on 07/20/2009 11:30:06 AM PDT by ponder life
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To: UCFRoadWarrior
We have plenty of areas of the US where we can drill for oil...

Trade is seldom a result of necessity, but what economists call, "comparative advantage". For example, we could grow banannas in the US, if we wanted to. However, it's cheaper to import them from South America where the climate is condusive to growing banannas.

It is true with oil as well, America doesn't need to import foreign oil. However, gas would remain permanently high (very high) if we didn't. Many parts of the world, especially, Saudi Arabia, can pull oil out of the ground very cheaply. I heard as low as $1 a barrel in Saudi Arabia. In the US, there would be a higher ratio of drilling and hitting a dry well than in other parts of the world. And then, those oil wells would yeild much less oil for each well that does yeild oil than those in Saudi Arabia (and I would guess, also, for those wells off the Cuban coast).

It is always the Commies and Free Traders who want to end the Cuban Embargo. Lifting the embargo will not help the Cuban people, as Castro and his goons will pocket all the money

It probably wouldn't be any worse than places like Dubai or Kuwait or Saudi Arabia where the royal family keeps most of the money. And they're not democracies either. I don't particularly care either way whether we lift the embargo on Cuba or not...... I just like to inform people :)

31 posted on 07/20/2009 11:43:15 AM PDT by ponder life
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To: ponder life

as enumerated by O there are 58 states or so I recall
him saying so during the campaign.


32 posted on 07/20/2009 11:48:54 AM PDT by rahbert
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To: rahbert
as enumerated by O there are 58 states or so I recall him saying so during the campaign.

Oh, I see. Well, I guess it's true about the media being kind to him. I hadn't heard about it, but it'd be funny to see a clip of him saying it.

33 posted on 07/20/2009 1:36:29 PM PDT by ponder life
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