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U.S. Backs $1B Loan to Mexico for Oil Drilling Despite Obama Moratorium
FoxNews.com ^ | September 11, 2010

Posted on 09/11/2010 1:38:23 PM PDT by SonOfDarkSkies

Despite President Obama's moratorium on U.S. deepwater drilling in the Gulf of Mexico, the U.S. Export-Import Bank intends to guarantee $1 billion in loans to PEMEX, the Mexican state oil company, to bolster the company's oil drilling in the region.

The bank, which is the official American export credit agency, loaned more than $1 billion to PEMEX in 2009 -- when the company was the bank's largest borrower -- in support of its drilling activities. That year, the bank also guaranteed two loans totaling $300 million made by a commercial lender.

The latest request comes during a drilling moratorium that was first imposed by Obama in May to find out what was the cause behind the April 20 Deepwater Horizon oil rig explosion killed 11 workers and led to 206 million gallons of oil spewing from BP's undersea well.

After a federal court struck down the ban amid complaints that it threatened thousands of jobs in the offshore oil industry , the Obama administration issued a new moratorium in July on most deep-water drilling activities that is in effect until Nov. 30.

The Export-Import Bank said the moratorium doesn't affect its pending deal with PEMEX.

"None of these projects involve deepwater drilling," bank spokeswoman Maura Policelli told FoxNews.com in an e-mail.

The $1 billion deal is awaiting approval by the bank's board, which is expected to reach a final decision by Sept. 30, the end of the fiscal year. Because the bank is an independent agency, the deal is not subject to congressional approval.

(Excerpt) Read more at foxnews.com ...


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To: SonOfDarkSkies
Billboard just outside of Waco TX on I35


41 posted on 09/12/2010 6:29:47 PM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: rfp1234

Obama announces $100 million for Haiti
http://firstread.msnbc.msn.com/_news/2010/01/14/4430850-obama-announces-100-million-for-haiti


42 posted on 09/12/2010 6:30:40 PM PDT by goldendays (that)
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To: darkwing104

Obama Slashes NYC Terror $, Then Bails Out Greece?

http://www.thefoxnation.com/nyc-terror-funding/2010/05/13/obama-slashes-nyc-terror-then-bails-out-greece


43 posted on 09/12/2010 6:33:30 PM PDT by goldendays (that)
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To: Armaggedon

He is a useless idiot and INCOMPETENT ON EVERYTHING!


44 posted on 09/12/2010 7:39:38 PM PDT by watchdogmom
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To: Dubya-M-DeesWent2SyriaStupid!

You hit the nail right on the head!


45 posted on 09/12/2010 7:42:09 PM PDT by watchdogmom
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To: rfp1234

He needs to be ARRESTED,HE IS AN ILLEGAL ALIEN-FROM HELL AS FAR AS WE KNOW.


46 posted on 09/12/2010 7:43:56 PM PDT by watchdogmom
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To: goldendays

bump I’ve been looking for that link THANKS!


47 posted on 09/13/2010 8:22:33 AM PDT by Dubya-M-DeesWent2SyriaStupid!
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To: watchdogmom

So is that an all of the above in your opinion?


48 posted on 09/13/2010 8:23:36 AM PDT by Dubya-M-DeesWent2SyriaStupid!
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