Gulf oil

One of the reasons given for stopping the deep water drilling in the Gulf of Mexico was the possibility of another leak. With the new rules imposed on US drilling the chances of an accident have been reduced but these same rules do not apply to other countries. Even long standing rules protecting workers and requiring adequate insurance do not apply to other countries. Other countries do not have the expertise that US companies have and most of all workers and wages that could be going to the US will be exported to other countries.

The question then arises as to why we would encourage other countries to drill in the Gulf, which we have done, by offering financial incentives for them to do just that, deep water drill in the Gulf. Here are some recent news items.

Cuba on Tuesday announced plans to drill five deep water oil wells in the Gulf of Mexico beginning this summer, expressing confidence that its efforts will be rewarded with major new energy finds.

According to information first reported by CNSNews, the Export-Import Bank loaned the Mexican national oil company PEMEX $1 billion last fiscal year and plans to provide another $1 billion this fiscal year, unless Congress objects. About $600 million in 2009 was for drilling 18 wells in the Bay of Campeche in the southern Gulf of Mexico.

The Obama administration is poised to ban offshore oil drilling on the outer continental shelf until 2012 or beyond. Meanwhile, Russia is making a bold strategic leap to begin drilling for oil in the Gulf of Mexico

Then there is the story of Brazil where the US is promoting deep water drilling off of their shores as if we don’t care if oil spills up on their beaches.

An energy analyst says he cannot understand why the Obama administration is borrowing money to lend money to Brazil so it can conduct oil drilling off its eastern coast, yet will not support oil drilling in American waters.

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