Will Russia Drill Off Florida's Coast?

IBD Editorials ^ | August 5, 2009 | INVESTORS BUSINESS DAILY Staff

[Kaslin]

Energy: As Russian attack submarines patrol our eastern seaboard, Moscow signs a deal to help Castro's Cuba drill for oil off the Florida coast. In Moscow and Havana, the cry is "Drill, Comrade, Drill!"

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Two Russian nuclear attack submarines have taken up positions along our East Coast in recent days, another sign of renewed assertiveness by the former communist giant. The move comes as Moscow inks a deal with the communist relic of Cuba to drill for oil we refuse to go after.

The submarines are of the Akula class, a counterpart to the Los Angeles class attack subs of the U.S. Navy. "I don't think they've put two first-line nuclear subs off the U.S. coast in about 15 years," said Norman Polmar, a naval historian and submarine warfare expert.

The subs' appearance may be more symbolic than a real threat. More interesting, perhaps, are the four contracts Russian Deputy Prime Minister Igor Sechin signed in Havana during his recent visit there.

They allow Russia's Zarubezhneft oil concern to work with the Cubanpetroleo monopoly to explore and develop the oil riches of the North Cuban Basin off Florida.

Havana imports more than half its oil, mostly at a subsidized price from Hugo Chavez's Venezuela. Cuba's domestic output is exclusively heavy oil with a high sulfur content. Its offshore Gulf waters could contain large quantities of lighter, sweet crude.

Drilling will be done off America's coast soon enough. But thanks to a treaty signed by President Carter, the new oil and gas resources that will be discovered in the region will be discovered by Russia and Cuba to their economic benefit.

[stuartcr]

How do you know they weren’t?

[jeffc]

How do you know they weren’t?

Well, obviously, I don't. But if the Russky subs are there, then there wasn't anything preventing them from taking the position.

My point was, maybe the big zero just plain allowed it to happen , whereas another Prez wouldn't.

[George from New England]

“The Russians are known as staunch environmentalists too.”

Maybe when Russian coastlines are concerned. But why would Russia drilling off the American coast matter in terms of safety. A spill is not their problem anymore now is it.

[stuartcr]

They were/are in international waters and have been tracked since they left the mainland. There is nothing any president could or would do to prevent a vessel from sailing in international waters.