Fishfan79 Posted May 10, 2006 Share Posted May 10, 2006 Cuba and china drilling in the gulf should we? http://money.cnn.com/2006/05/09/news/econo...dex.htm?cnn=yes China, Cuba reported in Gulf oil partnership U.S. firms stand by, prohibited from bidding on contracts; lawmakers propose opening up U.S. coast for drilling. May 9, 2006: 10:12 AM EDT NEW YORK (CNNMoney.com) - Plans for foreign oil companies, some from India and China, to drill off the cost of Cuba are prompting calls from lawmakers to ease environmental restrictions that prohibit coastal drilling in most of the U.S., according to a report Tuesday. At a time of rising soaring gasoline prices caused partly by a lack of supply, legislators are fuming that Cuba is opening up its continental shelf for oil and gas exploration while most of the U.S. continental shelf outside the Gulf of Mexico, which extends 200 miles from shore, has been off limits for drilling since the early 1980s, the New York Times reported. Firms from China and India will be drilling for oil off the coast of Cuba, but U.S. companies are prohibited from bidding on the contracts, according to a recent report. Firms from China and India will be drilling for oil off the coast of Cuba, but U.S. companies are prohibited from bidding on the contracts, according to a recent report. Adding insult to injury, the Times said U.S. firms were invited to bid on the Cuban contracts, but were barred by the U.S. government due to the country's longstanding economic embargo of communist Cuba. "Red China should not be left to drill for oil within spitting distance of our shores without competition from U.S. industries," Sen. Admin Craig, Republican of Idaho, told the Times. Firms from Canada and Spain will also drill off the Cuban coast, the article said Craig is introducing a bill to exempt U.S. oil firms from the embargo, much as food and drug firms are, according to the article. There are also several bills moving through Congress aimed at opening up areas more areas of the U.S. to oil and gas exploration, including coastal waters and Alaska's Arctic National Wildlife Refuge. Supporters of the bills, including the oil industry, say it would help bring down oil and gas prices and decrease the country's reliance on oil imports from the volatile Middle East. Gasoline prices have soared 33 percent over the last year, while the price of crude oil has tripled since 2002. But critics of more drilling say the energy obtained, which they say would be minimal and wouldn't bring down prices that much, isn't worth the environmental risks. They also say more drilling for a finite resource does nothing to promote long term conservation solutions. Most coastal states also oppose offshore drilling, fearing unsightly rigs and oil spills will hurt their tourism industries. The United States Geological Survey estimates the Cuban deal involves 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas, according to the Times. The paper said that's enough oil and gas to power the U.S. for a few months. The paper also cited an Interior Department study that said the U.S. continental shelf contained 115 billion barrels of oil and 633 trillion cubic feet of natural gas. That would be enough oil to satisfy U.S. demand, at current consumption levels, for 16 years and enough natural gas for 25 years, according to the Times. Quote Link to comment Share on other sites More sharing options...
WildMarlinMan2003 Posted May 10, 2006 Share Posted May 10, 2006 I read that between Colorado and Utah...we have more oil than the entire Middle East. We need to drill to lower gas prices. Quote Link to comment Share on other sites More sharing options...
Dodge Posted May 10, 2006 Share Posted May 10, 2006 I read that between Colorado and Utah...we have more oil than the entire Middle East. We need to drill to lower gas prices. Where did you read that? I hope it wasn't Newsmax. Quote Link to comment Share on other sites More sharing options...
Beinfest4Prez Posted May 10, 2006 Share Posted May 10, 2006 Somehow I don't believe that we have more than the middle east. Considering they sit over something like over 60 percent of the oil supplies in the world. Quote Link to comment Share on other sites More sharing options...
MarlinAddict Posted May 10, 2006 Share Posted May 10, 2006 Most wells in the US have historically been abandoned after pumping out only about 2/3 of their capacity. It gets more costly as the wells lose natural flow and artificial methods are employed. However, as the price of oil rises, the recovery of that oil becomes relatively more cost effective, and what have been "dry" wells may become producers once again. Quote Link to comment Share on other sites More sharing options...
FutureGM Posted May 11, 2006 Share Posted May 11, 2006 We should be focusing on developing new fuel sources, rather than spending that money to drill for difficult sources of oil. Quote Link to comment Share on other sites More sharing options...
Dodge Posted May 11, 2006 Share Posted May 11, 2006 We should be focusing on developing new fuel sources, rather than spending that money to drill for difficult sources of oil. By "we" you mean businessmen, right, because that's who'd be drilling that oil. Quote Link to comment Share on other sites More sharing options...
OldSand Posted May 11, 2006 Share Posted May 11, 2006 DRILL! Are you kidding me? Sure develop new sources of energy, but for the time being drill the oil that you have. Quote Link to comment Share on other sites More sharing options...
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