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The 47-year-old trade embargo against Cuba has been shaken by the revelation that drilling for oil and natural gas is about to take place less than 50 miles off the U.S. coast — in Cuban waters. The Cuban government is not only sitting on a potential oil bonanza but it has already awarded oil and gas exploration leases to companies from Canada, China, Spain, India, Venezuela and Norway. And Cuba is negotiating with Brazil's Petrobras, a company with years of experience in deepwater drilling.
If U.S. firms are forbidden by their own government to drill for oil and gas in Cuban waters, then the national oil companies of other countries will benefit while our investor-owned companies watch from the sidelines.
Congress should lift the trade embargo against Cuba. It is a failed economic policy that has stood since the Kennedy administration, but it has hurt ordinary Cubans, while failing to bring about the intended changes in human rights. On the other hand, resuming normalized trade relations could contribute to what everybody wants: a more productive, open and cooperative relationship with Cuba.
~It's Time to End the Cuban Trade Embargo