Decade Long US Embargo Against Cuba Could Be Lifted After Oil Discovery
The five decade-long United States embargo against Cuba could finally be lifted after the discovery of an enormous oil field in Cuban waters. The US imposed embargo on Cuba is the world's longest and still running. This was because there was little the US wanted to buy from its impoverished neighbour- Cuba.
But the discovery of, between five and 20 billion barrels of oil in the deep waters off Cuba's north coast, only 60 miles away from Florida, has made American businessmen and politicians consider lifting the embargo.
Repsol, the Spanish oil firm, will start exploratory drilling within months. If it strikes a large deposit, the trade embargo could be significantly revised or removed, says experts.
Opponents of the US embargo argue that it has failed to drive Fidel and Raul Castro from power and that if Cuba becomes rich from its oil, regime change is even less likely. They also argue that warmer relations between the two countries could help stave off an environmental crisis if there is a spill from the field. Also there's an opinion that US could treat Cuban oil in the same way it treats oil from Venezuela: Like, "We don't like them but we like their product and we are going to buy it".
The current embargo expires this September. However, it is unlikely that Barack Obama will move to lift it before the conclusion of his next run for President.
But the discovery of, between five and 20 billion barrels of oil in the deep waters off Cuba's north coast, only 60 miles away from Florida, has made American businessmen and politicians consider lifting the embargo.
Repsol, the Spanish oil firm, will start exploratory drilling within months. If it strikes a large deposit, the trade embargo could be significantly revised or removed, says experts.
Opponents of the US embargo argue that it has failed to drive Fidel and Raul Castro from power and that if Cuba becomes rich from its oil, regime change is even less likely. They also argue that warmer relations between the two countries could help stave off an environmental crisis if there is a spill from the field. Also there's an opinion that US could treat Cuban oil in the same way it treats oil from Venezuela: Like, "We don't like them but we like their product and we are going to buy it".
The current embargo expires this September. However, it is unlikely that Barack Obama will move to lift it before the conclusion of his next run for President.
Set as favorite
Bookmark
Email this
Hits: 262
Comments (0)
Subscribe to this comment's feed
Write comment
