Cuba hopes offshore oil will fuel economy, ease isolation

Eighteen miles off Cuba's northern coast, a Spanish company is in the early stages of oil exploration that could dramatically improve Cuba's economic fortunes and increase pressure to ease U.S. trade sanctions against the island. Battered by high oil prices and starved of hard currency, the Cuban economy has been on life support for years as it struggles to meet its energy needs and manage the Bush administration's intensified efforts to isolate the island's communist government. But experts say a major oil discovery could provide a huge lift to Cuba by making it energy self-sufficient and even a potential oil exporter. Neither Cuba nor Repsol YPF, the petrochemical giant conducting the exploration, have said much about the project since drilling began in June. Preliminary results could be announced as early as next week. [more]