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Friday, April 28, 2006

China Eyeing Cuba Offshore Oil

"Tis enough to make you cry-China Eyeing Cuba Offshore Oil-
China and a host of other oil-hungry nations will be tapping into huge offshore oil deposits a mere 50 miles from the United States while this nation is forced to endure rising gas prices as a result of record high demand for oil fueled by such countries as China and India.

According to Sen. Larry Craig, R-Idaho, the U.S. energy sector has been "hamstrung" from seeking additional oil resources while at the same time allowing "the likes of China, Canada, Brazil, Spain, France and others to freely seek energy opportunities 50 miles off our coast without competition from state-of-the-art technologies and expertise of our own U.S. gas and oil industries."
In a speech on the Senate floor, Craig said that a February 2005 U.S. Geological Survey report described "a possible deposit in the North Cuba Basin estimated at 4.6 billion barrels of oil, and possibly as much as 9.3 billion barrels." He then reminded his colleagues "that estimates for Alaska National Wildlife Refuge range from 4 billion to 10 billion barrels."

So, he said, "The question must be asked: 'What is the U.S. doing while foreign companies and countries are exploring right off the U.S. coast in the North Cuba Basin, which is adjacent to the U.S. Outer Continental Shelf and contiguous with this country's Exclusive Economic Zone?' Well, I can firmly tell my colleagues that we are doing absolutely nothing. Not one single U.S. company is exploring in these potentially beneficial waters that extend to within 50 miles off the coast of Florida. So, we sit here watching China exploit a valuable resource within eyesight of the U.S. coast. I say -- not on my watch."
Sometimes it is all about the OIL!

UPDATE: Fred Fry International has a very relevant post here pertaining to limits on US domestic oil exploration. He also provides a very nice map which I have liberated and replicated:

Fred also has this nice quote:
First, there is the Prince of Qatar:

Qatari Energy Minister Abdullah Bin Hamad Al Attiyah said the price of oil would drop by $15 should politicians end their expressions of concern over a halt in supplies.
Al Attiyah said the record oil prices of more than $75 per barrel was the result of fears and speculation within the market.
In other words, shut up.

For a very brief look at ANWR, go here ( though I misidentified ANWR which stands for "Arctic National Wildlife Refuge"). For a lot more info, go here for the site.

Added picture of "truss spar" offshore platform. More info on "spar" offshore platforms here.

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