As I recall, Oblama sent Brazil $1,000,000,000 of taxpayer money to drill offshore.
Loan guarantees (actually financed through private banks) is hardly the same as donating taxpayer money.
While I do not agree this is the role of the federal government, we also should not claim it is more than it was in reality. Loans to oil production, even with the falling prices, are one area that is nearly certain to get repaid with interest. Falling prices may drag out the payments with additional interest, but the oil reserves are rather good “collateral” on this.
http://www.exim.gov/newsandevents/Facts-About-Ex-Im-Bank-Loans-To-Support-Petrobras.cfm
THE OPPORTUNITY: PETROBRAS PLANS TO SPEND $175 BILLION TO DEVELOP ITS OFF-SHORE OIL FIELDS
In April 2009, Ex-Im Bank formally offered to consider up to $2 billion in financing to secure the purchase of U.S. goods and services by Petroleo Brasileiro S.A. (Petrobras), Brazil’s national oil company. Ex-Im Bank told Petrobras it would consider increasing its offer above $2 billion if requested. Potentially, Petrobras $2 billion of purchases financed by Ex-Im Bank will help create and maintain over 16,000 American jobs.
OVER $300 MILLION EX-IM BANK CREDIT GUARANTEE SUPPORTS EXPORT SALES BY ABOUT 150 U.S. COMPANIES
To date, Ex-Im Bank has approved a request from JP Morgan Chase, acting as lender, for a more than $300 million, medium-term guarantee. This facility was made operative on May 27, 2011 and is being used to finance the Petrobras’s general purchases of U.S. manufactured oil and gas equipment and services.