Saturday, March 24, 2007
U.S. oil companies miss out on Cuban oil rush - March 19, 2007
U.S. oil companies miss out on Cuban oil rush - March 19, 2007: "(Fortune Magazine) -- Sometime later this year, less than 70 miles from Florida, a consortium of Spanish, Indian and Norwegian companies will likely start drilling for oil. It could mark the beginning of a Cuban oil rush - one that American oil companies won't be able to join, despite their proximity to the action.
And that has some U.S. oil industry executives and lobbyists seething, especially since the American Association of Petroleum Geologists calls the offshore Cuban oil deposits a 'significant find.'"
U.S. oil companies can't play in these waters, of course, barred as they are by sanctions prohibiting them from doing business with Cuba. But irked at the irony of sanctions designed to isolate Fidel Castro that isolate them instead, some in the oil industry are seeking to exempt U.S. oil compPublishanies from the 45-year-old embargo.
And that has some U.S. oil industry executives and lobbyists seething, especially since the American Association of Petroleum Geologists calls the offshore Cuban oil deposits a 'significant find.'"
U.S. oil companies can't play in these waters, of course, barred as they are by sanctions prohibiting them from doing business with Cuba. But irked at the irony of sanctions designed to isolate Fidel Castro that isolate them instead, some in the oil industry are seeking to exempt U.S. oil compPublishanies from the 45-year-old embargo.
