The Hemisphere: Oil from Russia

Lacking water power, coal or petroleum, Cuba runs on imported oil. For many years, the oil has flowed from Shell, Jersey Standard or Texaco wells in Venezuela, traveled in Shell, Jersey Standard or Texaco tankers to Cuba, been refined at Shell, Jersey Standard or Texaco refineries at Santiago or Havana. It was paid for with dollars earned by selling sugar in the U.S.

Tempted by visions of bartering sugar for oil, and taking the advice of the Communist who is his chief economic brain, Ernesto ("Che") Guevara, Fidel Castro last week turned to Russia for the oil to run Cuba. In doing...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!