Published May 13th, 2006 by Future Atlas
Cuba will drill for oil
Cuba is about to begin drilling for oil in the Florida Straits, with the help of Indian and Chinese companies.
This could have two effects on Cuba:
- Significant finds could give the Cuban government some hard currency to work with, potentially improving citizens’ lives and increasing the staying power of the regime. At $70 a barrel, the estimated 4.6 billion barrels would be worth $320 billion, nearly ten times more than Cuba’s entire economy, even measured at purchasing power.
- If Cuba finally has something more valuable than sugar, it could increase pressure for American sanctions to be relaxed.