Obama Underwrites Offshore Drilling

Discussion in 'Politics' started by Revmitchell, Aug 19, 2009.

  1. Revmitchell

    Revmitchell
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    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.


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  2. OldRegular

    OldRegular
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    What more proof do we need that this person does not have the interests of this country at heart. He does not want us to be energy independent. If he, the democrat/marxists, and the whacko tree huggers did they would simplify the licensing of nuclear power plants and drill offshore.

    China will be drilling offshore Cuba, perhaps within sight of the keys and Obama sits on his thumb and funds drilling in Brazil. It could be a bad dream but since it is true it is a nightmare. Change you can believe in; what a joke!
     

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