Oil and hot air

The St. Petersburg Times says Florida legislators are engaging in “political posturing” with their bills designed to dissuade Spain’s Repsol from proceeding with plans to drill in Cuba’s Gulf waters.

Better to deal with Cuba on safe drilling practices and emergency preparedness, the editorial argues, than to expect Repsol and its partners to walk away from the project and write off the many millions they have invested.

An indication of how unsusceptible Repsol may be to U.S. pressure appears in El Pais, which reports that Repsol will de-list its American Depository Shares from the New York Stock Exchange but will continue to trade over-the-counter. The article says Repsol’s decision to leave the big board will save administrative costs and hassle. It owes in part to “incessant” SEC demands for supplemental information such as independent assessments of its declared oil reserves, and demands for “exhaustive explanations” of its activities in Iran and Cuba.