Time Clock: High Hope in Cuba

Cuba is rich in sugar, tobacco and bandleaders. But it lacks the oil needed to industrialize its economy. Up to this year, only 33 wells have been drilled on the island, and production is still only a drop in the oilcan compared with Cuba's daily consumption of 50,000 bbls.

Since the government opened the door to foreign exploration capital this summer, U.S. oilmen have been filling Havana with ten-gallon hats and billion-barrel talk. Last week a band of ten Latin American and U.S. businessmen flew into Havana to promote the development of the country's oil resources. Among the officers of the newly...

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