US-Cuba Oil Meetings in Mexico Proceed: US Interested
Dangerously straightforward honest journalism from the Houston Chronicle on the US-Cuba oil meetings that went on despite Bush's interference in Mexico City (below). Excerpts:
"There is a market in Cuba; these people have cash, and they are willing and able to pay the bills," said Dane Revette, an energy-industry director with the Louisiana governor's office. "U.S. companies need to find a way to get there."
Cuba produces 75,000 barrels of oil daily, meeting half of the country's demand, according to Tenreyro of Cupet... "Cuba has heavy oil, but we are positioned to find lighter oil in the heavy oil belt." Much of the remaining demand is filled by imports from Venezuela. Cuba's reserves are estimated at 3 billion barrels. Cuba is planning to drill more than 40 wells a year beginning in 2006, Tenreyro said.
Some U.S. companies have found a way to introduce products to Cuba. Caterpillar Corp. has donated equipment to the country, said Mark Smalley, Caterpillar sales agent. "We've studied the law in order to make our humanitarian donation, and we know no one was breaking it by meeting here," Smalley said. "This is evidence that the U.S. government needs to be more compassionate."