Thursday, August 12, 2010
"If the U.S. Won’t Drill Oil Offshore, Other Nations Will"
This makes me wonder what our government is thinking.
Or, maybe they're NOT thinking!...
Or, maybe they're NOT thinking!...
William Shughart II reports this at BigGovernment.com:
"As reported in the Wall Street Journal on Friday. July 2, Respol YPF SA, a Spanish company, has announced that next year it will begin drilling exploratory wells off the northern coast of Cuba, just 60 miles south of Key West. Industry experts as well as the U.S. Geological Survey seem confident that substantial deposits of crude oil and natural gas are there for the taking.
America’s oil companies cannot participate in exploiting those deposits because of our long-standing and counterproductive trade embargo against Cuba. (Can anyone identify a benefit flowing from that embargo offsetting the heavy costs imposed on me and other smokers of cigars? I doubt it.)
The point is that if the United States commits to bypassing offshore drilling at depths greater than 500 feet, we will be cutting off our collective noses to spite our collective face. Spain, China, Venezuela and other nations will continue to exploit potential reserves of fossil fuels, wherever they may be found. As a result, more of the world’s supply of crude oil and natural gas will fall into the hands of unfriendly nations."
