Monday, June 21, 2010

OBAMA FINANCES OFF SHORE DRILLING IN BRAZIL

We now have a 6 month moratorium on deep water drilling in all U.S. waters pending a study by hand picked Obama stooges who have previously expressed their opposition to all drilling in coastal waters.  And yet the Obama administration plans to go ahead with it funding of even deeper water drilling off the coast of Brazil.  Yes we are paying the bill for Petrobras, the state owned oil company of Brazil, to drill in deep water.  Could this be because it is a "State-Owned-Company", after all we know Obama leans toward government ownership or is it just perhaps due to the fact that George Soros is heavily invested in Petrobras. What is the President thinking? What are his motives?  You make the call!

Source of story on below story Wall Street Journal

You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil.

The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.

The U.S. Export-Import Bank tells us it has issued a "preliminary commitment" letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.

But look on the bright side. If President Obama has embraced offshore drilling in Brazil, why not in the old U.S.A.? The land of the sorta free and the home of the heavily indebted has enormous offshore oil deposits, and last year ahead of the November elections, with gasoline at $4 a gallon, Congress let a ban on offshore drilling expire.

The Bush Administration's five-year plan (2007-2012) to open the outer continental shelf to oil exploration included new lease sales in the Gulf of Mexico. But in 2007 environmentalists went to court to block drilling in Alaska and in April a federal court ruled in their favor. In May, Interior Secretary Ken Salazar said his department was unsure whether that ruling applied only to Alaska or all offshore drilling. So it asked an appeals court for clarification. Late last month the court said the earlier decision applied only to Alaska, opening the way for the sale of leases in the Gulf. Mr. Salazar now says the sales will go forward on August 19.

This is progress, however slow. But it still doesn't allow the U.S. to explore in Alaska or along the East and West Coasts, which could be our equivalent of the Tupi oil fields, which are set to make Brazil a leading oil exporter. Americans are right to wonder why Mr. Obama is underwriting in Brazil what he won't allow at home.
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9 comments:

Bloviating Zeppelin said...

Because ideology trumps everything else -- but only applicable to AMERICANS.

BZ

WomanHonorThyself said...

as long as its UNAmerican he is all for it!

Matt said...

You mean his best buddy Soros stands to make some money while weakening us? Well, how about that?

christian soldier said...

Grrrrrr-but- at least we in the US have awakened!!
C-CS

MathewK said...

Unbelievable, i hope his critics are screaming this from the rooftops, while Americans are paying through the ass for gas, he's funding drilling elsewhere. @#@$ i'd better stop now before i say something i regret.

Anonymous said...

One word: Globalization.

Kristin said...

This is just criminal. They are financing Petrobas because George Soros stands to make a ton of money off it.

John Podesta, who works for Soros' Center for American Progress, handpicked Obama's cabinet.

Soros makes a huge ($600 million-ish) investment in Petrobas and days later the administration promises them $2 billion.

Coincidence? No, CRIMINAL.

Right Truth said...

Politics seems to trump everything else these days. The man has got to go.

Debbie
Right Truth
http://www.righttruth.typepad.com

Woodsterman (Odie) said...

Debbie, it's called politics if you're being kind. I prefer to call graft, graft.