With Huge Oil Discovery, Cuba Will Beat United States to Energy Independence
After revising estimates, Cuba now claims it has double the amount of oil in its offshore reserves than previously thought. If the estimates are accurate, Cuba would have just as much oil as the U.S.
This discovery, coupled with initiatives to develop alternative energy projects, such a brand new biogas factory, will put Cuba on the fast track to achieving energy independence.
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If it in fact has 20 billion barrels of oil offshore, Cuba would slingshot into the top 20 of oil producing nations worldwide. They plan to start drilling next year for reserves located in the Gulf of Mexico, north of Cuba. The U.S. Geological Survey recently completed a survey in the area of discussion and arrived to an estimate far less to that of Cuba’s. Cuba has responded by suggesting that they have better data than the USGS, and with Cuba’s data they think the USGS would undoubtedly agree about the size of the oil discovery (apparently the offer to provide the data has been made).
For comparison, the United States currently is thought to have about 21 billion barrels of oil reserves.
Given the respective sizes and populations of each country, it’s easy to understand why Cuba will reach energy independence far more quickly than the United States (at least as long as there is oil in the world). Cuba currently produces about 60,000 barrels of oil per day. It buys an additional 93,000 a day from Venezuela at a reduced price to help meet its energy needs (they provide doctors for Venezuela in exchange as well as sports instructors).
But Cuba’s quest for energy independence is not succeeding simply because of luck and oil. They also are taking important steps such as banning incandescent light bulbs and investing in new alternative energy technology. For instance, a new biogas plant will help provide energy and electricity by processing organic waste. Construction of the plant was recently completed. It is located at a garbage dump in Havana that processes 60% of the capital’s waste. The United Nations’ divison of Industrial Development provided assistance with the project and Switzerland’s Government provided financial support.
What About the Embargo?
So the big question is whether or not Cuba’s oil discovery will put added pressure on the United States to lift its embargo on Cuba. With the possibility of having another significant oil supplier, what do you think the United States should do?
Image Credit: wedgienet on Flickr under a Creative Commons license
Even if the oil reserve is as large as they say. The oil is in the ground. It takes years for the oil to be removed and refined then brought to the market. Cuba is today not independent.
On the note about the Russia well, they are right an oil well today drills can go miles in all directions and have no evidence (only seismic) on the surface. PS Russia still hates the US
And even if they lift the embargo, what makes you think Cuba is interested in selling to the Americans?
They are off-shore and really no father from Brazil or Venezuela than from Miami.
If fact he has a better chance at risk-free (and with the Americans, there’s plenty of strings attached to any deal,) investment opportunities with Brazil or Venezuela.
If Raoul Castro play his cards right he can get back all of the Cuban expatriates and devastate south Florida at no cost to him.
So, when do we invade?
1. If Cuba’s oil reserves are in deep water, like the US reserves. Then to get at it they will have to go to US or possibly UK companies for the technology to extract it.
2. It does not matter who the Venezualans choose to pump oil to. If they choose to sell it to China then that is, less oil the Chinese will have to buy from Venezuala, Sudan, or the middle east and more for other people. Oil is a market commodity.
Hmm . . Now why didn’t we think of offshore reserves too?
Cuba is quite obviously the new nexus of terrorism, and must be invaded promptly! I heard Castro has ties with Al Qaeda.
I’ve been to Cuba, they have lots of oil but it’s all garbage. It’s very heavy and has too much sulfer and crap in it for them to use it in cars.
They can burn it in plants for energy but it smells like rotting eggs for miles and polutes heavily.
I heard that it was not worth refining to gasoline.
Go get the Oil!! I mean..regime change..yeah..for freedom and democracy.
Sorry to oversimplify, but doesn’t anyone find it silly that we won’t trade with Cuba, but we will buy *crap*, literally worthless items, from China, by the boatload?
Either we should be trading with Cuba, or not trading with China. Its horribly inconsistent.
Good for Cuba.
Oh, did the Americans think this was about them?
Best,
Dan