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.
notes: from greybeard
So, what is Good for South America - is Not Good for North America?
It's OK to drill elsewhere, but not here, where we need oil to become independent of terrorist nations?
Historically Obama has opposed oil drilling. As a Senator, Obama voted against permitting the U.S. to drill for oil and natural gas in the Arctic National Wildlife Refuge. He has warned of the "environmental consequences" of oil drilling, and insisted that "we cannot drill our way out of the energy problem."
So why is Obama giving taxpayer dollars to a distant country to drill their way into oil consumption that has, in his belief, environmental consequences?
What exactly is the American taxpayer getting out of the transaction?
Where are the lefty sue happy Eco-enviormentalists?
Hold on, hypocrisy is one thing, but it gets better. What do we find when we turn over another Obama dirty rock?
Well, days before Obama decides it's A-OK to send two billion, with perhaps an additional 8 billion, outside of America (cause let's face it we've got money to burn) it is discovered that Obama's campaign funder in trust, George Soros, cashed in some big bucks and bought 811 million bucks in Petrobras oil...quite a lucrative 'insider' trade, and return, expected on his Obama investment...pay back time.
Please listen people.
Anti Americans, like Soros, are funding anti-American-machines. The Appolo groups, the Acorns, the SEIU's, are putting corrupt leaders into Local, State, and Federal offices that in turn feed back these machines the funds needed to put the greased corruption back into power. The higher the offices gained the more dough these machines receive to run their engines.
Radical leeches sucking the life blood out of America.
Soros doesn't even have to feed exorbitant amounts to the evil that is spreading anymore - he can pick and choose funding targets. He can finally sit back, collect dividends, and have Obama- use taxpayer funding to feed the radicals machines and spread this destruction of American freedom, principles, values and choice.
Funny- how these wealth equalizers need capital, to feed the machine, to buy the power, to tame or kill capitalism.
Perhaps it's why socialism when it reaches it peak, IMO, leaves a government with all of the capital, all of the people dependent on security handouts, all of the power, and a cleared pathway to communism.
These machines have been building themselves for decades and in Obama they have just got their tune up and they're ready to Roll.
We need to stop them America.
Thank god for the tea parties and town hallers!!
Thursday, August 20, 2009
The Wall Street Journal: