Location: Pantego, Texas, United States

Tuesday, October 21, 2008

I wonder how many Americans are aware of the recent discovery of a huge oil field off the coast of Cuba in the Gulf of Mexico. All of the reports of this that I have seen are from foreign sources. It must not be something Democrats want Americans to know about.

At 20 billion barrels the field gives Cuba about the same oil reserves as the proven reserves of the United States. The US Geological Survey had estimated that the field contains 4.9 billion barrels. Democrats do not want the US to exploit the oil reserves off the coast of the US because of all sorts of fictitious reasons they conjure up. The USGS says there is not much there, it will take too long to get it (the Cubans expect to start production in 2009, not so long from now), and it may damage the environment (the Cuban field is closer to the US than many of the drilling sites off of the US coast). Most of their excuses are pure bunk. One thing that the Cubans will get is about $1.5 trillion for the oil at current prices. This find will turn Cuba from an importer of oil to a major exporter. There are probably at least 100 billion barrels of recoverable oil off of the United States. At current prices that oil is worth $7 trillion. That represents a lot of good jobs for Americans, and a lot of royalty income for the US that could be applied to the huge national debt. I expect Obama and the Democrats to prevent drilling offshore and on public lands next year, and to join with the Tides Foundation in trying to prevent drilling on private property. Obama will instead create 5 million "green" jobs. We all wait eagerly to see how much energy those 5 million jobs produce.


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