In the two years since oil reservoirs were discovered off Cuba's coast, Canadian, Chinese, Indian and Norwegian companies have lined up to explore the potentially lucrative Caribbean waters
. U.S. oil exploration in Cuban waters - along with most U.S. trade - is prohibited under a 45-year-old U.S. embargo designed to undermine Fidel Castro's communist government. This week, American energy executives meet their Cuban counterparts in the first private-sector oil summit between the two countries. Cubans hope to inform the businessmen of their country's oil potential while undermining the embargo, which has often frustrated American corporations. The three-day meeting is sponsored by the U.S.-Cuba Trade
Association, along with Valero Energy Corp., the United States
' biggest oil refiner, as well as the Louisiana Department of Economic Development and the Texas Port of Corpus Christi, among others.
(Source: Seattle Post-Intelligencer)