If the U.S. Won’t Drill Oil Offshore, Other Nations Will

Although President Obama’s executive order imposing a six-month moratorium on drilling for crude oil and natural gas in ultra-deep waters within the 200-mile territorial limit recognized by international law has at least temporarily been suspended by a federal district judge, offshore drilling will not come to a screeching halt even if that precipitous action ultimately is determined to be within his constitutional powers. 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. 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...more