While the U.S. has a ban on drilling in the Florida straits, Cuba has no such restrictions and is cashing in on the oil and natural gas
reserves there. Cuba's drilling plans have been known for years, and it has now found some willing partners in China, India
and others. Obviously, a growing number of U.S. lawmakers and business leaders are complaining about the drilling ban and giving two economic competitors access to energy at the United States' expense. While the article does not report how much oil reserves are available on the U.S. side of the Florida straits, the reserves available are equivalent to just a few months of the United States' total energy consumption. As is to be expected, a number of bills are currently proposing to open driling in coastal waters. While we do want to promote alternative fuels
and conservation above anything else, additional drilling might relieves some price pressure on crude oil, and ease some of the tension created by China trying to acquire all available energy resources.
[Source: The New York Times]