Monday, May 9, 2011

Massive oil discovery offshore Cuba - Game changer in US Cuba Relations

Cuba is the only country in the world to have already learned how to live with the end of the age of oil. After the US oil embargo of Cuba, the country

had to fend for itself, creating an almost completely oil-free economy.

The blockaded nation went on to radically reinvent agriculture, and evolved a fix-it economy that rivaled that of the US during the Great Depression. Mechanics learned the skills needed to fix up the old 1950s cars that remained on the island, miraculously keeping them going on the occasional trickle of oil, for decades after they had become mere museum pieces in the US.

But now, in an ironic turn of events, nearly 5 billion barrels of oil is likely to be in the bedrock off Cuba’s north coast, according to US Geological Survey estimates. This will be enough to make the island a major energy player in the region, according to Ordons News. Cuba’s own geological studies find there might be as much as 20 billion barrels. Petrobras withdrew its plans to drill there recently, suggesting that the lower estimate is the more accurate figure. More >>>

Location:Cayman Islands

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