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TheStreet Open House

Bolling: How to Solve the Oil Crisis

One extremely important reason to drill now...

After several conversations with officials from major drillers like Transocean and Diamond Offshore (DO), I am even more convinced that we need to start the long process of exploration and producing oil from all available sources, especially the OCS.

After many discussions with these drillers, I am convinced that there is great reason to believe that Cuba has not only discussed the possibility of allowing China and Venezuela to drill on her sovereign leases, but has already begun seismic studies. This may seem innocuous, but it is not. You may say, "so what ... let Cuba ruin its coastline ... we are going to protect ours." There is a very important fact that no one has addressed. They all agree that these oil finds are immense. The scary scenario plays out like this:

Cuba, China and Venezuela develop some of these oil fields. They sit on Cuban land, which is adjacent to U.S land. The majority of the oil may actually sit underneath our land. If they get a jump on us and develop those fields, they may be pulling oil right out from under our feet.

If you want a real reason to lift the moratorium on our offshore oil leases, look no further.

Try telling your daughter or son that we are running out of oil because China grabbed it from us while we were trying to figure out whether or not we should drill our own land....then give her five hundred bucks to fill up the hybrid for the weekend.

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