White House Commits $2 billion in loans for offshore drilling to Brazil
Since January, our Dear Leader with the support of Pelosi and Reid, have banned offshore drilling – anywhere along the U.S., they have scrapped our oil and gas leases in UTah and introduced a bill to permanently prohibit drilling in the ANWR in Alaska. They have blocked the building of U.S. oil refineries as well as nuclear energy production and clean coal production.
So what does Obama do? He agrees to lend money to Brazil’s state-owned oil company, Petrobras. As the WSJ noted , it is a very large corporation, which should have the resources to get to the oil on its own. Obama, who has ripped American corporations for their supposed subsidies in American tax policy, now wants to use an empty Treasury to give cash to a Brazilian oil company.
As Ed Morrissey states: “Obama keeps insisting that we cut back on our use of fossil fuels. He and his allies in Congress have blocked exploration of American oil fields off both shores for decades, and Obama insists that we would only keep enabling our oil addiction if we started drilling off of our own coasts. Yet he has no trouble committing $2,000,000,000 of our money for Brazil to drill off its own coast.”
The Brazilian government has already lined up foreign credits from China, Russia an the U.S. The price of the finance is that Petrobras will grant to the lenders the right to be repaid in crude oil at some future price.
There is another interesting aspect to this development. Could it be just a coincidence that Obama backer George Soros repositioned himself in Petrobras to get dividends just a few days before Obama committed $2 billion in loans and guarantees for Petrobras’ offshore operations?
See Bloomberg Story: Soros Hedge Fund Bought Petrobras Stake Worth $811 Million