Obama bans offshore oil drilling Russia drills off Cuban Coast
Although most polls show that the American public is in favor of offshore oil drilling, the Obama administration is ready to ban it.
Meanwhile, according to an editorial in the Washington Times on March 18, 2010, Russian will be erecting oil derricks very close to the U.S. on the Cuban coast.
The editorial states that offshore production would not only supply U.S. energy needs, but would also create jobs during the recession that is keeping millions of Americans unemployed. In addition, the article says that offshore drilling would:
-Contribute to the gross domestic product while not increasing the trade deficit.
-Help keep a lid on rising prices.
-Give the United States more influence over the global market.
According to The Washington Times, a Pew Research Center poll from February showed that 63 percent of Americans support offshore drilling for oil and natural gas.
Meanwhile while Obama is against the U.S. doing offshore drilling, it helped Brazil underwrite it in the Tupi oil field near Rio de Janeiro.
The editorial reports that energy is critical to Russia's economy as a fuel and source of profit through export.
It also give Russian political power because it can shut off the supply to Eastern Europe at will to make a diplomatic point.
By drilling off the Cuban coast, Russia is said to be establishing a new presence in the Western Hemisphere as it recently concluded four contracts securing oil-exploration rights in Cuba's economic zone in the Gulf of Mexico.
The Russian-Cuban joint partnership being established will exploit oil found in the Gulf. Cuba as it has the rights to the area under an agreement the Carter administration recognized.
Source: The examiner.com