Cuban oil drilling in Florida straits
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While the U.S. has a ban on drilling in the Florida straits, Cuba has no such restrictions and is cashing in on the oil and natural gas reserves there. Cuba's drilling plans have been known for years, and it has now found some willing partners in China, India and others. Obviously, a growing number of U.S. lawmakers and business leaders are complaining about the drilling ban and giving two economic competitors access to energy at the United States' expense. While the article does not report how much oil reserves are available on the U.S. side of the Florida straits, the reserves available are equivalent to just a few months of the United States' total energy consumption. As is to be expected, a number of bills are currently proposing to open driling in coastal waters. While we do want to promote alternative fuels and conservation above anything else, additional drilling might relieves some price pressure on crude oil, and ease some of the tension created by China trying to acquire all available energy resources. [Source: The New York Times]
Reader Comments (Page 1 of 1)
Kneeslider 1:19PM (5/10/2006)
"reserves available are equivalent to just a few months of the United States' total energy consumption"
That statement is always used to diminish the potential of any energy find. It's misleading because it only applies if every other energy source our country uses suddenly stopped. Take any one of the many thousands of oil wells and you could say it's only a few days supply, but all wells and other sources together combine into a huge reserve. If every find had to qualify as able to run the country for a decade, we would never put any of them online. It won't be drained in a "few month" unless it's the only source and not even then because it wouldn't produce at that rate.
Many are willing to justify windmills and solar cells and every other alternative source without saying how little they each provide, but everyone demands oil clear this hurdle before agreeing we should invest time and effort in new discoveries. Why is that?
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Charles S 2:48PM (5/10/2006)
Yes, the statement may be misleading, but it doesn't change the bottomline; it is most likely NOT worth the effort.
From an oil company's point of view, if there is profit in the venture, they will drill it, ESPECIALLY if gas prices keep on going UP. But if people think drilling alone will help decrease the price at the pump, I think that's too optimistic.
So let's say that things are desperate enough that as long as there is oil, we'll let oil companies drill anywhere they want. A small reserve, with oil enough for "a few month" stays open for how long? Five, Ten years? I hope people understand that as the reserve shrinks, it cost MORE *AND* takes longer to get the last bit of oil. So drilling at the bay may help lower the prices in the beginning (if anything significant at all), but then it'll quickly climb back up, even if consumption remain the same.
Lastly, while I won't address all the aspects of enivornmental issues, let's just focus only on the weather issues. Many offshore platforms are still down since last year's hurricane season. With lessons learned, any new platforms will have to be stronger, and thus cost even more for an initial investment. Whatever the size of the reserve, it better be worth it. Otherwise, it could take just as much time to build the structure, as it is to dismantle it.
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