Cuba hopes search for oil will build up economy

[Judi Lynn]

Cuba hopes search for oil will build up economy

By Doreen Hemlock
and Diana Marrero Staff Writers
Posted June 11 2004



The future of Cuba's economy over the next few years may hinge on a wild card: the discovery of commercially viable oil off the island's shores.

Cash-rich oil company Repsol-YPF S.A. of Spain is set to drill an exploratory well off Cuba's northwest coast in the Gulf of Mexico this summer.

If Repsol finds a major deposit of viable crude, then cash-strapped Cuba stands to gain access to enough export dollars to significantly boost its standard of living. U.S. oil companies likely would seek a piece of the action, boosting pressure on the White House to peel back the decades-old U.S. embargo on the communist-led island.

That was one of the conclusions Thursday at a conference on U.S.-Cuba economic relations held in Coral Gables and organized by Florida International University.
(snip/...)

http://www.sun-sentinel.com/business/local/sfl-zconference11jun11,0,7043756.story?coll=sfla-business-front

[methinks2]

1. interesting, but

it could also spur the b**** administration to start war with cuba.

Here's a little more oil info for you.

http://www.capitolhillblue.com/artman/publish/printer_4617.shtml
Handful of Connected Political Fatcats Control Federal Oil Leases

[TahitiNut]

2. Maybe there's oil under Guantanimo.

I love irony.

[MidwestTransplant]

3. If they find oil one of 2 things will happen

Bush will invade them or Castrol will become our best friend.