They argue that the Chinese and others are drilling, which is potentially unsafe, and that therefore, the U.S. should be allowed to compete and "safely" do so.
However, the fact remains that there is currently no off-shore drilling in Cuba, nor is it commercially feasible by the Chinese or anyone else, as long as U.S. sanctions stand in place.
So why would they want U.S. oil companies, many of which have already had assets expropriated by Castro in the past, to expose themselves -- yet again -- to the same regime?
Perhaps it is because they think expropriations are a thing of the past.
Think again.
This week, Reuters reported:
Venezuela will nationalize a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oil output and a recession.
A former soldier inspired by Cuba's Fidel Castro, Chavez has made energy nationalization the linchpin in his 'revolution'. He has also taken over assets in telecommunications, power, steel and banking.
The 11 drilling rigs have been idled for months following a dispute over pending payments by the OPEC member's state oil company PDVSA. Oil Minister Rafael Ramirez said on Wednesday the rigs, the Oklahoma based company's entire Venezuelan fleet, were being nationalized to bring them back into production.
