Cuban Oil and the Embargo

90 miles off the coast of Florida sits a largely untapped field of oil and natural gas. Most of those reserves are in Cuban territory, and not available to the United States. Under existing law U. S. based companies cannot explore, develop, provide drilling equipment, personnel or even investment. Given the present state of the global and U. S. economies, demand for oil has diminished. The present administration and Congress, are committed to building renewable energy sources and developing the infrastructure necessary to distribute that energy. The Congress is opposed to the development of offshore drilling, citing environmental reasons. Yet, until alternative energy is readily available, a long way down the road, the economy will continue to run on oil.When Cuba began selling concessions in 2001 other countries took notice and began to participate. These foreign oil companies include state and publicly traded firms such as PETROBRAS, STATOIL and China. Technically it is illegal for U. S. companies to sell equipment and supplies to these firms for use in the exploration of these fields...

For full article see: http://www.glgroup.com/News/Cuban-Oil-and-the-Embargo-40236.html
Which is an analysis of the original article: "Cuba could become U.S. oil supplier at embargo's end" located at: http://www.glgroup.com/News/Cuban-Oil-and-the-Embargo-40236.html