Major new offshore drilling for oil and natural gas in the Gulf of Mexico will soon be a reality. The big question is whether Americans will be part of it. Brazil, China, India, Norway, Spain and Russia have all signed agreements with Cuba and the Bahamas to initiate exploration and production in the Gulf of Mexico within the next two years. So the prospect of seeing Russian oil rigs 45 miles off the Florida Keys — where American oil companies are now forbidden to drill — is a very real possibility.

The U.S. Geological Survey estimates that the eastern Gulf region contains 3 billion barrels of oil and more than 11 trillion cubic feet of natural gas. Last summer, former President George W. Bush lifted the executive branch moratorium his father signed in 1990 on new drilling in 85 percent of America’s territorial waters. The Democratic Congress then wisely let the congressional ban expire as well. So the only thing keeping U.S. firms from drilling off our own continental shelf is President Barack Obama and his secretary of the interior, Ken Salazar, who is slow-walking the approval process that must be cleared before the work can begin. Meanwhile, foreign nations are jockeying for the best spots. The Obama administration, incredibly enough, is giving Brazil a $2 billion loan from U.S. taxpayers to finance that nation’s development of its own off-shore energy resources in the Atlantic.