US, Mexico Agree to Share Gulf Oil
EmailThe United States and Mexico have agreed to share oil and natural gas deposits located along the maritime border in the Gulf of Mexico. The decision will mandate joint development of undersea reservoirs that may straddle both sides of the boundary.
The agreement was signed today by Secretary of State Hillary Clinton and Mexico’s Foreign Minister Patricia Espinosa in Los Cabos, Mexico. Clinton and her counterpart were in the resort town for two days of informal talks ahead of a G20 summit to occur there in June. Secretary of the Interior Ken Salazar and Mexican President Felipe Calderon were also in attendance for the ceremony.
Under the deal, American and Mexican energy companies can partner to jointly tap cross-border reservoirs and the two governments will share in oversight of the sites regarding compliance with environmental and safety standards. It also opens up an area that was previously off limits to both nations due to a moratorium already set to expire in 2014, according to an Interior Department statement.
Clinton says it will ensure “safe, efficient, responsible exploration of the oil and gas reservoirs in the Gulf of Mexico” and end disputes “over who should do the extraction and how much they should extract.”
Calderon says the shared jurisdiction should help alleviate fear among Mexicans of U.S. energy companies exploiting their natural resources.
The Obama administration says the U.S. Outer-Continental Shelf contains as much as 172 million barrels of oil. The deal is the result of talks in 2010 between Presidents Obama and Calderon about sharing profits and environmental responsibilities along the maritime border.
The move comes as oil prices hit $105 a barrel today, a nine-month high, after Iran announced it had halted crude exports to Britain and France.
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If Obama has his way……..it will ALL go to Mexico.
Posted by: Rick McDaniel | February 20, 2012, 6:08 pm 6:08 pm
I used to support President Barack Hussein Obama, I really did, but with all due respect, really, Barack Hussein is so stupid! Why would you allocate subterranean mineral wells like that, you moron? This is how it should work: whoever gets to it first, gets it! For example, ever since Barack Hussein stopped allowing Americans to get oil off the Florida coast, you know what is happening? The Cubans, with rickety made-in-China rigs, are going to pump all our oil! Yeah, how safe is that? Instead of good ‘ol American Exxon/Mobile, Cheveron/Texaco and Phillips/Conoco rigs out there, it’s SinOpec, China Petroleum, and BP rigs pumping our oil off our coast for the Cubans. The Mexicans want our oil? Get to it first! But with Barack Hussein in charge, they probably will, because despite having the better, faster, safer rigs, he won’t let Americans pump it. Watch, oil prices are going to skyrocket. Don’t say the Obamacrat for Romney didn’t tell you so. It is time we had a President who isn’t stupid. It is time for Romney ’12, PUMA!
Posted by: Obamacrat for Romney | February 20, 2012, 6:29 pm 6:29 pm
Posted by: Obamacrat for Romney | February 20, 2012, 6:29 pm 6:29 pm
Oil production in the U.S. went DOWN every year under Bush. Isn’t Bush an oil man? Shouldn’t he have done better than that? So much for your theory.
Posted by: Jesse | February 20, 2012, 8:04 pm 8:04 pm
We need to instill the spirit of sharing at an early age, so this world becomes a kinder one. It’s a selfish child who won’t share.
Posted by: ophu | February 20, 2012, 8:14 pm 8:14 pm
Unacceptable! We need to bomb Mexico immediately. Teach them who’s boss of the world. We are the UNITED STATES! We deserve this oil more than anyone. In fact, god told us that we are entitled to this oil. So we need to bomb Mexico into submitting to god’s will.
Posted by: A Cynic | February 21, 2012, 9:03 am 9:03 am
Great, as long as it doesn’t make any jobs for America it’s great. Oh wait, is George Soros an investor in this too like the Brazilian oil deal Obama made with our money?
Posted by: Freedom | February 21, 2012, 9:35 am 9:35 am
Listen Faux Cynic, if you want to do sarcasm effectively you need to start capitalizing the word God.
Liberals
Almost always
Mess up their attempts at
Evil mockery.
Posted by: Noz | February 21, 2012, 9:41 am 9:41 am
Noz | February 21, 2012, 9:41 am post ———— Yeah, that’s the important thing here. Idiot. I don’t capitalize god for a good reason. It doesn’t really exist. I don’t capitalize the devil either. Get a clue, Schnoz.
Posted by: A Cynic | February 21, 2012, 10:18 am 10:18 am
: o )
Posted by: Noz | February 21, 2012, 10:25 am 10:25 am
Why Mexico do deals with USA, they always think on bombing any country that has oil, don’t you see calderon is almost out of presidency he is making deal to retire with a lots of money, USA will get Mexico oil, it is a underground deal, USA never deals any thing that is equal, they always get more…..
Posted by: carlos | February 24, 2012, 9:11 pm 9:11 pm