The Rush for 4.6 Billion Barrels of Cuban Oil

[villager]

The Rush for 4.6 Billion Barrels of Cuban Oil
By Sam Hopkins | Wednesday, February 20th, 2008


You've probably heard by now that Fidel Castro is about to become Cuba's "ex-presidente." But did you know that a publicly-traded Canadian oil company is extracting oil in Cuba from fields under 50 km from Havana?

Toronto's Sherritt International Corporation has been drilling in Cuba since 2002, and their stock got a "geopolitical bounce" this week as Castro announced his plans to step down.

None other than the United States Geological Survey estimates that Cuba holds reserves of 4.6 billion barrels of oil, and 9.8 billion bbl of natural gas in its Gulf of Mexico waters. That's nearly two-thirds the amount in the Arctic National Wildlife Refuge, which American companies are drooling over! In this era of declining U.S. domestic oil production and political change around the world, can we Americans afford to ignore this bounty a mere 70 miles from Florida?

Tapping Into Cuban Oil

Sherritt hasn't had to ignore the reality of Cuban oil, and shares (TSE:S) gapped up by about 8% in Tuesday's trading precisely because investors know that the company is already drawing 60,000 barrels per day from our neighborhood Reds

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http://www.energyandcapital.com/articles/oil-in-cuba/623

[Mika]

1. Come & hang out in the Latin America forum, then you'll know things like this.

DU's Latin America forum
http://www.democraticunderground.com/discuss/duboard.php?az=show_topics&forum=405


:hi:

[villager]

2. I'm sure you're right, and thanks for the heads-up... but I didn't see

...this particular story there. did i miss it?

[Mika]

3. A long time ago.

You'll have to search back. The oil field developments have been going on for years. Maybe you remember, a couple of years ago, when the Florida RW government was all up in arms over oil rigs 90 miles from the Keys?

Don't sweat it. More stories will pop up.

:hi:

[villager]

4. ah yes. Well this seemed propitious now that post-Fidel "freedom" will be defined

by the U.S. as: Give us your fucking oil, or else!