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Obama, Oil, Brazil, What gives?

Polaris4252010-08-07 16:41:12 +0000 #1

From Wall Street:

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.

I got an email that went on further to say that Glen Beck told in his show that we will receive no returns from this, that China is the one buying all of it, and the only American who will beneifit is Billionaire Petrobas owner George Soros, who according to the email "was one of President Obama's most generous financial supporter during his campaign"

So obviously the part about us giving $2 billion dollars to Brazil is true, but is the rest? And even if it's not, why the hell are we giving other people money when we are in the shape we're in?!?!?!?!?!?!

This only re-confirms 2 things for me. 1. I still hate politics. 2. Obama needs to be removed from office.

gpinjason2010-08-07 16:53:11 +0000 #2

That is stupid...
phreebsd2010-08-07 17:27:00 +0000 #3
everything about the current administration is ludicrous
Coolwizard2010-08-07 17:12:32 +0000 #4

Originally Posted by Polaris425

. 2. Obama needs to be removed from office.

I realized that before he ever got elected.

We need a true leader in the White House. I don't care what party he/she is from. If we don't get the politicians focused on the problems at hand, there won't be many more elections.
kawa6502010-08-07 17:01:51 +0000 #5
Yeah its ridiculous, it makes me mad reading that. Ive heard about that by listen to the radio shows glen beck, rush, shaun hannity... and there shows on fox news from time to time and theve got some good info and talking points if you want to listen and get even more irate with the administration! Obama just leaves me speechless with his doings.
bayou_boy_222010-08-07 17:18:06 +0000 #6
oh and this is yet another reason why i hate the obama administration. we cant drill here but he is going to give 2 billion to brazil and not expect anything back. ridiculous.
Eight2010-08-07 18:53:45 +0000 #7
Obama is
walker2010-08-07 19:30:12 +0000 #8
impeach is butt
DTX2010-08-07 20:38:57 +0000 #9
Throw the traitor behind some iron bars in Kansas.

Anyone who openly admits they intend to violate the consitution has no business being president.
Eight2010-08-07 17:43:15 +0000 #10
^^Agreed, seems like nowadays the constitution means nothing. Seems like all the politics like to wipe their azz with it.



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