Tuesday, July 06, 2004

Cuba - Will the U.S. Lift Sanctions If Spain Finds Oil Off Cuba Coast?

Repsol YPF, the big Spainish oil and gas company is gambling that it will find oil reserves in Cuban waters. They are searching off the northwest coast in a venture with Cubapetroleo, the government-owned oil company.
Cuba now imports most of its fuel from Venezuela and finding currency to pay the bills is difficult. If oil is found, the dynamics of the oil production industry might be shaken off its foundations. The last thing American energy companies want "is to be trapped on the sidelines by sanctions while Europe, Canada, and Latin American rivals are free to develop new oil resources on the doorstep of the United States.
Should the United States change its policies now, before the big rush?
Read the rest. You decide.


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