US could lift Cuba embargo after oil discovery - Telegraph

US could lift Cuba embargo after oil discovery - Telegraph:


The five decade-long United States embargo against Cuba could finally be lifted after the discovery of an enormous oil field in Cuban waters.

The US imposed embrago on Cuba is the world's longest running Photo: REUTERS
Robin Yapp
By Robin Yapp, Sao Paulo 5:55PM BST 29 May 2011

The world's longest-running embargo has endured in part because there was little the US wanted to buy from its impoverished neighbour.

But the discovery of between five and 20 billion barrels of oil in the deep waters off Cuba's north coast, only 60 miles away from Florida, has made American businessmen and politicians consider lifting the embargo.

Repsol, the Spanish oil firm, will start exploratory drilling within months. If it strikes a large deposit, the trade embargo could be significantly revised or removed, according to Professor Mark Jones, an expert on Latin America at the Rice University of Texas.

'The greater the drilling and production, the greater the pressure will be to engage in a complete overhaul of the trade embargo, either getting rid of it altogether or watering it down substantially,' he said.

'I think it is fairly realistic, since the embargo is an anachronism of the Cold War sustained only by a misguided fear of a backlash from anti-Castro Cuban Americans.'

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