After watching the video in class I decided to do some more research on the oil in Cuba. Apparently the United States Geological Survey estimates that Cuba holds reserves of 4.6 billion barrels of oil, something which American companies are raving over on how to get their hands on it. Unlike deep water offshore fields, Cuba's reserves can be tapped on from land saving money in its accumulation making profits much more higher. In exchange for oil, Cuba is asking for energy investment and many companies are willing to comply.
The United States Department of Energy knows that new oil production is "dependent on the discovery of substantial new reserves." This basically means The US needs to find new oil reserves and in Cuba that is what they have found.
Subscribe to:
Post Comments (Atom)
This is a good thing for the United States and i think we should persue in trying to get this oil. Even though the U.S. needs to find new ways for energy the more time we have the better. So by getting this oil it does give the U.S. more time.
ReplyDeleteI agree. But we shouldn't use this as an excuse to put of investments into other renewable energy saving techniques/products. With the oil consumption rate increasing more and more these oil reserves wont last very long. Yes this may be a good thing for the U.S. to look into but should by no means be a solution to our energy demands.
ReplyDelete