Deep-water drilling will resume in the Florida Strait when a giant, semi-submersible oil rig en route from Singapore arrives later this fall. The bad news is it will not be American.
While U.S. oil and energy prices "necessarily skyrocket," as President Obama once said they would under energy policies that have imposed a de facto ban on offshore drilling, a massive Chinese-built semi-submersible oil rig is on its way from Singapore to a drilling position off northwest Cuba perhaps as little as 50 miles from Key West, Fla.
The long-predicted move could come as early as November, as Spanish oil giant Repsol YPF leads an international consortium that will operate the rig known as Scarabeo 9. It wants to wait until the hurricane season ends before it begins drilling.
Six wells are planned to be drilled with this rig by the various international companies that own exploration rights off the north shore of the island.