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Obama Underwrites Offshore Drilling in Brazil
From the Wall Street Journal
Obama Underwrites Offshore Drilling
Too bad it's not in U.S. waters.
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.
Obama Underwrites Offshore Drilling
Too bad it's not in U.S. waters.
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.
Please try Googling it. I use Dogpile myself. I find it far superior. Check the Wall street journal. Check Wikipedia. It's very easy. You will have absolutely no problem finding it.
Aug 18, 2009? This is an old article.
First of all, I would like to know the source of this information so I can further investigate this. Secondly, I answered the question about the moratorium on drilling in the other site. Thirdly, I have no problem if this be true, because it is not affecting my shore but theirs. So what is your source and while we are at it, I want to know more about this Sorros character, as what I have read about him seems to be on the opposing thought process as you.
So would I like some answers to this from many quarters ... I would also like to know what will happen to all the oil workers left without work ...by the way pal George Sorros is going to make a bundle out of OBama cutting back ...........
Please note that Petrobas is going to be drilling to depths of up to 14,000 ft. And now that we have a moratorium on drilling, while NO expert recommended this, our rigs will be dismantled and shipped to Brazil. Petrobas shows profits of 15 billion dollars a year. Oh, and did I forget? George Soros is heavily invested in Petrobas to the tune of $900 million. You know him. He's the guy who gave $3 million to the Center for American Progress, $5 million to MoveOn.org, and $10 million to America Coming Together. And if you don't know the connection between these organizations and our present Executive branch, you need to do some reading!
Well, I don't know about you but this doesn't pass the smell test for me. We are broke. And giving money to an Oil Company that doesn't need it??? Obama says oil drilling is bad, very bad. So why give away money we desperately need here to a company that turns billions in profits?? With this moratorium, he is absolutely wrecking the economy, if in wages lost alone!
American oil rigs are being dismantled now to be sent to Brazil, China and other parts of the world. We need our rigs pumping and we need that money here at home. So why is he doing this? Why is he just getting in the way of any clean up? Some north Florida counties told the Feds to stay out. They wanted their beaches clean and all the Feds did was interfere. Surely everyone knows by now that the Dutch offer of sludge dredgers that was made 3 days after the explosion was turned down in writing by the Govt. They could have been pulling 20 tons of sludge per day since day 3 of the spill. You do the math.
If you can give me a good answer to this, PLEASE, do so.
Well, I don't know about you but this doesn't pass the smell test for me. We are broke. And giving money to an Oil Company that doesn't need it??? Obama says oil drilling is bad, very bad. So why give away money we desperately need here to a company that turns billions in profits?? With this moratorium, he is absolutely wrecking the economy, if in wages lost alone!
American oil rigs are being dismantled now to be sent to Brazil, China and other parts of the world. We need our rigs pumping and we need that money here at home. So why is he doing this? Why is he just getting in the way of any clean up? Some north Florida counties told the Feds to stay out. They wanted their beaches clean and all the Feds did was interfere. Surely everyone knows by now that the Dutch offer of sludge dredgers that was made 3 days after the explosion was turned down in writing by the Govt. They could have been pulling 20 tons of sludge per day since day 3 of the spill. You do the math.
If you can give me a good answer to this, PLEASE, do so.
So as in the above thread on Glenn Beck I ask anyone WHY are we giving Petrobus Brazil a company worth billions.... 2 billon to drill at a depth of 14,022 ft .... eyes wide open America do you notice a problem ...yet
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