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Tuesday, July 06, 2004

Oil Off Cuba

According to the New York Times, a Spanish oil company is investing in exploration efforts and looking for possible deposits of crude oil off the coast of Cuba in the Gulf of Mexico. This is interesting for many different reasons:

[A] big oil discovery could change the political debate in the United States over the decades-old sanctions against Cuba, which now prohibit most commerce with the country.

The last thing that American energy companies want is to be trapped on the sidelines by sanctions while European, Canadian and Latin American rivals are free to develop new oil resources on the doorstep of the United States.

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