Obama Underwrites Offshore Drilling

WSJ Online ^ | 18 aug 09

[rellimpank]

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.

[Oldexpat]

Probably a good investment. A lot of US companies will be supplying equipment and services to the project. Transocean, Solar, National Supply, etc etc.

[ponygirl]

So now we have money to lend?

[The Sons of Liberty]

I guess 0bama's campaign promise to destroy the coal industry also extends to the oil industry - CORRECTION - American Industry and economy!

[Kansas58]

We borrow money from China, so we can lend it to Brazil?

I agree, it is weird.

Also, why don’t we just open up the Gulf, or all of our shorlines, for that matter, for US drilling?

[afraidfortherepublic]

This is simply outrageous. We have plenty of oil within our national confines.

Drill Here. Drill now. We should be supporting American oil support firms providing American jobs.

Ask Sarah Palin what she thinks about this!

[La Lydia]

I posted this story from OilOnline last week. Regardless of whether they use U.S. equipment, the administration has taxed you and me and everyone to provide a subsidy to the Brazilian national oil company. And they are going to tax us again when anyone uses that oil in our country, after we pay for it to be imported. This will keep us dependent on foreign sources of oil. The money would have been better used to “stimulate” our own off-shore drilling activities and other energy exploration. This entire episode is self-defeating, one more Obama punishment of the American people and preference for foreign interests. Can you imagine the Brazilian providing us with billions of dollars for anything?

[teenyelliott]

1. This is shameful, but not surprising, and

2. White House National Security Adviser James Jones

Jim Jones. How ironic.

[Scotswife]

bookmark.

too weird to be true - but alas! it is!

[org.whodat]

http://www.wfaa.com/sharedcontent/dws/wfaa/localnews/news8/stories/wfaa071227_mo_bankdrugs.5adabe14.html

[Salvation]

But what about drilling in the U. S.? Can you imagine how many jobs that would generate?

[Al B.]

I suspect a ‘Cuda facebook smackdown is in the offing. :)

[Rick_Michael]

Apparently George is laughing all the way to the bank.

http://www.gurufocus.com/news.php?id=57768

“1Q09 Top Holdings

We said George Soros is more of a speculator than an investor. When come to the long equity position, he is willing to take some very concentrated positions in one or two industry. Right now, Oil and Gas is the name of the game, and Consumer Services names are catching up. George Soros’s top five holding as of March 31, 2009 include: Petroleo Brasileiro S.A.Petrobras (PBR), Potash Corp. of Saskatchewan Inc. (POT), Hess Corp. (HES), ConocoPhillips (COP), Lowe’s Companies Inc. (LOW)”

[HardStarboard]

Be nice if good old American muscle was working the American made equipment on the rigs that Obama’s paying for in Brazil.

What in hell are US taxpayers subsidizing Brazilian offshore drilling when China and Russia are both drilling
offshore of Cuba less than 60 miles from Florida.

This is a sop to the enviro-Fascists.

[nikos1121]

Intereesting that Palin responded to this in the WSJ today.

[Mikey]

Its all in the master plan to turn these united states into a third world sh*thole so the republicrats can finally have their dream of a one world government come true.

The republicrats have done absolutely nothing (save for lip service only) to stop it.

If the American people really truly want America to stay America and not turn into Amerika, then STOP wasting your votes on the same ' ole same ' ole every damned election.

Vote for the ONLY party that'll adhere to the Constitution in action not mere lip service as the republicrats have for the last 96 years.

Constitution Party

Constitution Party

Constitution Party

Constitution Party

Constitution Party

[The Sons of Liberty]

Step 1: Remove the usurper from office.

Step 2: Incarcerate him!

Step 2.5: Let the CIA interrogate him (No Holds Barred)

Step 3: Try him for TREASON!

[Mikey]

Agreed.