Good news: Obama backs off-shore drilling! Update: A Soros connection?

posted at 3:35 pm on August 18, 2009 by Ed Morrissey

This should be good news for the Drill Here, Drill Now contingent, right?  The Obama administration has committed $2 billion in loans to exploit offshore oil resources in hopes of extracting a major new source of petroleum.  Despite the White House pursuit of a cap-and-trade scheme to limit the use of fossil fuels, the new field could help bring lower energy prices, and their support of this exploration of American resources shows their flexibility on energy policy.

Wait — did I say American resources?  That’s true, but only in the South American sense (via Gateway Pundit):

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 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.

This seems odd in several ways.  For this particular administration to offer billions in loans to a foreign oil company makes a mockery of a number of Obama talking points.  First, why does Petrobas need loan guarantees to pursue its exploration?  As the WSJ notes, 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.

Next, 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.

Here’s a proposal: Let American companies do what Obama is paying Brazilian companies to do — drill offshore.  We won’t have to pay them money or float them any loans to do it, either.  In fact, we will make money off of the leases, while the effort creates hundreds of thousands of high-paying jobs in the US, creating more tax revenue rather than emptying out the Treasury.

Update: Who else besides Obama has taken an interest in Petrobras?  Hmmmmmm:

His New York-based hedge-fund firm, Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras, as the Brazilian oil company is known, according to a filing today with the U.S. Securities and Exchange Commission. Soros bought 5.8 million of the company’s U.S.-traded preferred shares.

Soros is taking advantage of the spread between the two types of U.S.-listed Petrobras shares, said Luis Maizel, president of LM Capital Group LLC, which manages about $4 billion. The common shares were 21 percent more expensive than preferred today, according to data compiled by Bloomberg. …

Petrobras preferred shares have also a 10 percent additional dividend, said William Landers, a senior portfolio manager for Latin America at Blackrock Inc.

“Given that there will most likely never be a change in control in the company, I see no reason to pay a higher price for the common shares.” Brazil’s government controls Petrobras and has a majority stake of voting shares.

This story is from last Friday.  Is it 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?   Hmmmmmmmmmm.


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oh wait…the jokes ON us

CMonster on August 18, 2009 at 4:01 PM

We are getting screwed, without being oiled up for it.

ICBM on August 18, 2009 at 4:05 PM

The other day, the POTUS, a South American oil exec, and a couple of Brazillion Billions step into a bar…

CMonster on August 18, 2009 at 4:00 PM

This could be Biden’s plan. He might think that Brazil is in the Caribbean and it could help Cuba and the whole toilet paper thing.

Hening on August 18, 2009 at 4:05 PM

I think we can all agree that drilling domestically is better for any poltician.

Laura in Maryland on August 18, 2009 at 3:46 PM

Agreed, but even that can have its downside. Ask John (I only drilled when my wife’s cancer was in remission) Edwards.

TXUS on August 18, 2009 at 4:05 PM

will Palin write about this?

Phoenician on August 18, 2009 at 4:05 PM

aye carumba!

Joe Caps on August 18, 2009 at 4:05 PM

Between this and cap-and-extort our wonderful world citizen president will be doling out jobs to world citizens left and right.

rockhead on August 18, 2009 at 4:06 PM

..head fake..

VoyskaPVO on August 18, 2009 at 4:06 PM

Brazil’s planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.

SECRET MEETINGS WITH OIL EXECUTIVES!!!!!!!!!!!!

ARRrrrrrr!!!!11!1!!!!eleventy!@!!!!11

Joe Caps on August 18, 2009 at 4:07 PM

Does Obama every do ANYTHING that meant to benefit the USA?

Don’t bother, it’s a rhetorical question.

Daggett on August 18, 2009 at 4:08 PM

Palin must be licking her chops on this one

PatriotRider on August 18, 2009 at 4:08 PM

Please hire Halliburton (Brazil).
Please hire Halliburton.
Please hire Halliburton.

WashJeff on August 18, 2009 at 4:08 PM

So THAT’S where the 2 billion cash for clunkers money went. Cause it sure as hell isn’t going back to the dealers, after they sell the cars.

capejasmine on August 18, 2009 at 4:09 PM

Keep an eye on the pea, this is a shell game and he’s just thrown up another distraction.

Sheesh when can we start impeachment proceedings?

jbtripp on August 18, 2009 at 4:09 PM

If America drills offshore the US, the US Treasury gets:

1) Lease bonus money…big up front money from winning bidders, whether hydrocarbons are found or not.

2) 20 – 25% royalty from all production…this is off the top money, free of any extraction costs.

3) Additional corporate income taxes from the increase in oil company’s profits.

In other words, huge amounts of found money in a time of record deficits… with all the risk on the oil company’s dime.

If America finances drilling offshore Brazil, the US Treasury gets:

1)

FreakyBoy on August 18, 2009 at 4:10 PM

Sanford was so close. He was drilling in Argentina.

faraway on August 18, 2009 at 3:38 PM

I nominate this for the Blog Post Hall of Fame.

TXUS on August 18, 2009 at 4:11 PM

Sheesh when can we start impeachment proceedings?

jbtripp on August 18, 2009 at 4:09 PM

11-6-2012 mark your calendar

CMonster on August 18, 2009 at 4:11 PM

Remember the African American man who shut-up Barbara Boxer on that energy meeting? I remember him being interviewed and talking about Brazil and Petrobras and how they are going to rake in the billions and billions while we remain asleep at the wheel. This man could enter politics in California, talk sense, and WIN.

Marcus on August 18, 2009 at 4:12 PM

Drill There, Drill Now!!!!….oh sorry did I get that wrong?

PatriotRider on August 18, 2009 at 4:12 PM

I already contacted my reps (Klobuchar and Franken) about this craziness. Be sure to contact yours as well. I honestly think they don’t expect us to catch this stuff. They MUST KNOW how close we are watching.

In Liberty.

pjean on August 18, 2009 at 4:14 PM

If America drills offshore the US, the US Treasury gets:

1) Lease bonus money…big up front money from winning bidders, whether hydrocarbons are found or not.

2) 20 – 25% royalty from all production…this is off the top money, free of any extraction costs.

3) Additional corporate income taxes from the increase in oil company’s profits.

In other words, huge amounts of found money in a time of record deficits… with all the risk on the oil company’s dime.

If America finances drilling offshore Brazil, the US Treasury gets:

1)

I like this plan! I’m glad to be a part of it! / Pete Venkman

Battlecruiser-operational on August 18, 2009 at 4:14 PM

It’s called hedging against South American socialism. Get with the program.

The Calibur on August 18, 2009 at 4:14 PM

Is there no end to the idiocy of this dirty filthy liar….

highninside on August 18, 2009 at 4:15 PM

Sounds like the “Blue-eyed devils” are up to no good in Brazil again (*see President Lula’s past comments”. /snark

OxyCon on August 18, 2009 at 4:16 PM

Well, he is conserving our natural resources…
/sarc

Jeff2161 on August 18, 2009 at 4:17 PM

Is there no end to the idiocy of this dirty filthy liar….

highninside on August 18, 2009 at 4:15 PM

He hates us. He did not grow up here, he has no affinity for the US, he is out to dismantle us as fast as possible.

tessa on August 18, 2009 at 4:17 PM

I smell a good old fashion Chicago kickback here!

faol on August 18, 2009 at 4:17 PM

THIS SAYS IT ALL!

justonevictory on August 18, 2009 at 4:17 PM

NIMBY goes international.

Vashta.Nerada on August 18, 2009 at 4:18 PM

justonevictory on August 18, 2009 at 4:17 PM

You need a new link.

tessa on August 18, 2009 at 4:18 PM

Remember the African American man who shut-up Barbara Boxer on that energy meeting? I remember him being interviewed and talking about Brazil and Petrobras and how they are going to rake in the billions and billions while we remain asleep at the wheel. This man could enter politics in California, talk sense, and WIN.

Marcus on August 18, 2009 at 4:12 PM

Unfortunately, it will probably be Carly Fiorina, a republican version of someone who can speak well in public but unable to manage their way out of a paper bag. Seriously, her greatest claim to fame as an executive is being fired from H-P for being ineffective.

CMonster on August 18, 2009 at 4:19 PM

Drill There, Drill Now!!!!….oh sorry did I get that wrong?

PatriotRider on August 18, 2009 at 4:12 PM

It is so 2008.

ICBM on August 18, 2009 at 4:19 PM

If America finances drilling offshore Brazil, the Democratic party gets:

1)Millions

FreakyBoy on August 18, 2009 at 4:10 PM

faol on August 18, 2009 at 4:19 PM

I wish there was a dem that loved the US.

tessa on August 18, 2009 at 4:20 PM

Plenty of people inland that would be all for it.

Count to 10 on August 18, 2009 at 3:53 PM

Hey,they can’t even get water inland.

katy the mean old lady on August 18, 2009 at 4:20 PM

The worst of it is that China is the one that benefits from Brazilian Oil.

Obama borrows money from China to give to Brazil to drill oil that Brazil then sells to China.

elduende on August 18, 2009 at 4:20 PM

This is just unbelievable. How come the GOP isn’t making hay about this? The commercials just write themselves.

WisCon on August 18, 2009 at 4:20 PM

justonevictory on August 18, 2009 at 4:17 PM

Sorry, don’t get it, your link is wrong?
Anyway…
This guy as the huevos, giving foreign countries money to invest in new energy, while keeping us from investing.
It is mind-boggling that he does these sort of things…I swear that they are just shooting from the hip.

right2bright on August 18, 2009 at 4:21 PM

Doesn’t this just play into Palin’s hands?

Seriously? Mock her for “Death Panels,” then do this to the Alaskan Hockeymom Energy Wonk…

Sometimes I wonder if they [WH staff] is trying to resurrect Palin.

Upstater85 on August 18, 2009 at 4:22 PM

If America finances drilling offshore Brazil, the Democratic party gets:

1)Millions

FreakyBoy on August 18, 2009 at 4:10 PM

faol on August 18, 2009 at 4:19 PM

My bad. There is one thing the US gets if we finance Petrobras: the bill if they default.

FreakyBoy on August 18, 2009 at 4:22 PM

Oboobi never met a government dollar he didn’t want to give away

CMonster on August 18, 2009 at 4:23 PM

It is mind-boggling that he does these sort of things…I swear that they are just shooting from the hip.

right2bright on August 18, 2009 at 4:21 PM

One thing this administration has proven time and time again is that the left hand has no idea what the right one is doing. Probably just another example.

NickelAndDime on August 18, 2009 at 4:24 PM

He makes me sick sometimes.

CrankyIndependent on August 18, 2009 at 4:24 PM

Paging John Boehner.

Buy Danish on August 18, 2009 at 4:24 PM

why does the Joker and his friends hate America so much? The question needs asking.

tarpon on August 18, 2009 at 4:25 PM

Maybe because China gave $ 10 billion to Petrobas in May?

jbristor on August 18, 2009 at 4:25 PM

FreakyBoy on August 18, 2009 at 4:10 PM

Yeah, sure, but what about all that horrible damage to the planet this crazy drilling business might do?

What? You mean Brazil’s part of the planet, too? Well if we drill there, at least it won’t harm our waters and sea kitten sanctuaries.

TXUS on August 18, 2009 at 4:25 PM

Drill HERE NOW.

NO finance of foreign interests.

Think about American oil rig laborers. Obama is sending the work to Brazil where Brazilian natives will be given preferential treatment.

HOW MANY IN THE US PETROLEUM LABOR FORCE SPEAK PORTUGUESE? And who wants to be separated so far from the US right now, given that common sense warns to stay close to those you know in times of danger.

maverick muse on August 18, 2009 at 4:27 PM

TXUS on August 18, 2009 at 4:25 PM

You’re right.

We get more global warming!

Which, as the Joker said, is all part of the plan:

more global warming = more cap & trade lucre to give to ACORN.

FreakyBoy on August 18, 2009 at 4:28 PM

Obama borrows money from China to give to Brazil to drill oil that Brazil then sells to China.

elduende on August 18, 2009 at 4:20 PM

DAMN

maverick muse on August 18, 2009 at 4:28 PM

Obama borrows money from China to give to Brazil to drill oil that Brazil then sells to China.

elduende on August 18, 2009 at 4:20 PM

There is your political commercial…just one big circle going around and around, and we get nothing out of it, except maybe a few junkets down to Brazil and a look at these…no link, link them yourselves.

right2bright on August 18, 2009 at 4:29 PM

California San Francisco will never allow off shore drilling…

Khun Joe on August 18, 2009 at 3:50 PM

Plenty of people inland that would be all for it.

Count to 10 on August 18, 2009 at 3:53 PM

San Francisco’s viewpoints have always been queer compared to the rest of California.

MobileVideoEngineer on August 18, 2009 at 4:29 PM

Obama supports catastrophic environmental damage where brown people live.

Dusty on August 18, 2009 at 4:30 PM

Please hire Halliburton (Brazil).
Please hire Halliburton.
Please hire Halliburton.

WashJeff on August 18, 2009 at 4:08 PM

Uh, Halliburton is no longer an American company. At least partly not. They moved their headquarters to Dubai, UAE. And with the current administration and congress, there will likely be others bolting out of this country.

iurockhead on August 18, 2009 at 4:30 PM

The worst of it is that China is the one that benefits from Brazilian Oil.

Obama borrows money from China to give to Brazil to drill oil that Brazil then sells to China.

elduende on August 18, 2009 at 4:20 PM

http://www.youtube.com/watch?v=2yW6vObBOVE&feature=PlayList&p=99A8D00B8FD3A0BC&playnext=1&playnext_from=PL&index=25

Jeff from WI on August 18, 2009 at 4:31 PM

How do we loan money to anyone when we are $11 Trillion in debt? Do we loan Brazil $2 Billion at a higher interest rate than we are borrowing the $2 Billion from China to give to Brazil?

It’s as bad as taxpayers wanting the stimulus money back, it wasn’t ours to begin with.

deadenders on August 18, 2009 at 4:31 PM

Obama borrows money from China to give to Brazil to drill oil that Brazil then sells to China.

Yes we can.

I was late to thread, but that was my first thought.

I wonder if this would qualify as money laundering?

Hell, we don’t need oil since we have a planet to save and Obama is creating 450 million green jobs.

I’m thinking of a word here…what do you call someone who would sell out a STRATEGIC resource to an enemy? This is the part that boggles my mind. The economic value of oil is one thing, but in case Ogabe didn’t realize, tanks, planes, non-nuke ships, APCs, use OIL.

Stunning.

reaganaut on August 18, 2009 at 4:33 PM

Hey Joker, when gas prices hit $4 again, this story is going to have some serious teeth.

pearson on August 18, 2009 at 4:33 PM

He hates us. He did not grow up here, he has no affinity for the US, he is out to dismantle us as fast as possible.

tessa on August 18, 2009 at 4:17 PM

Nailhead, meet Hammer.

TXUS on August 18, 2009 at 4:33 PM

I do not seek..and I will not accept the nomination of my fellow bloggers for QOTD.

faraway on August 18, 2009 at 3:58 PM

Manufactured modesty inflames us here at HA. See Obama.

betsyz on August 18, 2009 at 4:36 PM

Going Brazilian.

He’s doing a Brazilian things wrong.

NoFanofLibs on August 18, 2009 at 4:36 PM

Jeff from WI on August 18, 2009 at 4:31 PM

Ancient Chinese Secret is the Trojan horse we have sitting in the White House.

maverick muse on August 18, 2009 at 4:28 PM

The most perverse part of it is that the future generations of American taxpayers will be in effect paying for Chinese Oil they consume today while Brazil enriches itself too.

right2bright on August 18, 2009 at 4:29 PM

Campaign commericals. 7 months in there’s an overload of material.

elduende on August 18, 2009 at 4:38 PM

Don’t mean nothing,…
Hussein will do nothing to help America for at least 3 years and 4 months.
A month before elections, hussein will toss us a bone.

christene on August 18, 2009 at 4:38 PM

Seems odd? Only if you presume that the President of the United States would be acting in the best interests of the United States. Why would you think that, with this guy?

It is just too horrible an idea to accept that the guy elected president is an enemy of the United States. It is an idea so monstrous that anyone proposing such and idea has to be crazy. No one wants to believe it. Most can not believe it or even conceive the thought.

We have elected the son of Robert Mugabe to the office of President of the United States, and people just refuse to see that.

Skandia Recluse on August 18, 2009 at 4:39 PM

Skandia Recluse on August 18, 2009 at 4:39 PM

Disconnect, REAL willful suspension of disbelief.

maverick muse on August 18, 2009 at 4:41 PM

Where are the trolls on this post??? How does anyone like this guy anymore and who does he help? If China drills off the Cuban coast, do we have to finance that as well and then shut down all domestic drilling? This guy is nuts.

garydt on August 18, 2009 at 4:42 PM

Stunning.

reaganaut on August 18, 2009 at 4:33 PM

One would call it treason.

TITLE 18 > PART I > CHAPTER 115 > § 2381

§ 2381. Treason

Whoever, owing allegiance to the United States, levies war against them or adheres to their enemies, giving them aid and comfort within the United States or elsewhere, is guilty of treason and shall suffer death, or shall be imprisoned not less than five years and fined under this title but not less than $10,000; and shall be incapable of holding any office under the United States.

elduende on August 18, 2009 at 4:46 PM

You will know we are done when the National Police is put in place.

tessa on August 18, 2009 at 4:47 PM

Yar,

Me be gatherin’ up a cadre of piraticals to go in search for black gold to sell to me fellow ‘Mericans at a fair shakes price

A_Pirates_Tooth on August 18, 2009 at 4:49 PM

Who are WE going to be borrowing the money from, so that WE can lend it to Brazil???

NotPC on August 18, 2009 at 4:52 PM

Obama borrows money from China to give to Brazil to drill oil that Brazil then sells to China.

elduende on August 18, 2009 at 4:20 PM

Brilliant !
/sarc

Jeff2161 on August 18, 2009 at 5:01 PM

I wonder if Obama knows that if we were drilling for our own oil………

………. we could actually SELL it and make money?

Seven Percent Solution on August 18, 2009 at 5:01 PM

Hell, we don’t need oil since we have a planet to save and Obama is creating 450 million green jobs.

reaganaut on August 18, 2009 at 4:33 PM

It’s not just all those green jobs he’s gonna create. We don’t need the oil because of the millions of windmills he’ll provide, powering electric plants for these really cool little electric cars that seat, yes, TWO whole people and a bag of groceries, and which do 0-60 in a minute flat.

And did I mention those magic solar panels everybody’s gonna have — which alone will power our greenhouses so we can grow our organic gardens, free of pesticides while eliminating the need for produce trucks and their huge carbon footprints?

Let the Brazilians and the Chinese have their dirty oil. It’s our job to lead the way in saving the planet.

TXUS on August 18, 2009 at 5:03 PM

Why did General James Jones do the negotiating for this deal?

Gets curiouser every day around here…

coldwarrior on August 18, 2009 at 5:04 PM

The USA has made it so onerous to drill in the Gulf, most of us have moved our rigs to work in other (non-usa) waters. “Drill here, drill now!”, doesn’t mean stuff when all the good rigs are already committed to a multi-year contract in Mexico,Brazil, Africa,…

rgranger on August 18, 2009 at 5:06 PM

ps: guess who gets hired to work those rigs in non-usa waters, non-usa citizens :)

rgranger on August 18, 2009 at 5:07 PM

I’m curious…did Brazil say something bad about the U.S.? Probably, now all we gotta do is wait for Chavez to whine and Bam will be on another apology tour to S.A. This guy needs knee pads.

Jakefut on August 18, 2009 at 5:07 PM

Send it to your local GW supporting newspaper hotline. They may be so filled with rage that they actually print the story.

journeyintothewhirlwind on August 18, 2009 at 5:08 PM

wonder if Obama knows that if we were drilling for our own oil………

………. we could actually SELL it and make money?

Seven Percent Solution on August 18, 2009 at 5:01 PM

Big assumption you’ve made. He’s still working on basic math, you know, coloring oranges with crayons in his arithmetic booklet.

betsyz on August 18, 2009 at 5:09 PM

Are you flippin kidding me? Does this guy get up each morning and ask himself, “What can I do to screw America today?” I’m astonished at his ability to come up with new and interesting ways to give us the shaft.

Dee2008 on August 18, 2009 at 5:17 PM

Help
Yourself
Politicians
Operating for
Cash
Reward
Instead of
Taking/treating
External threats
Seriously

journeyintothewhirlwind on August 18, 2009 at 5:17 PM

He’s doing this on purpose. I think he wants to send every non-liberal to some sort of FEMA funny farm where the sky is purple and little obama unicorns fart skittles and poop cotton candy. And everyone wears pink shirts and yellow hats and chants ‘yes we can’ while drooling on their state issued bib. And, as a bonus…. free gubmint health care. And the occasional block of gubmint cheese.

Wake me up when this man made disaster is over.

Key West Reader on August 18, 2009 at 5:18 PM

And Obama was touting Brazil’s ethanol program…

coldwarrior on August 18, 2009 at 5:20 PM

As for Soros…at what point will the obvious become apparent?

coldwarrior on August 18, 2009 at 5:21 PM

I wonder if Obama knows that if we were drilling for our own oil………

………. we could actually SELL it and make money?

Seven Percent Solution on August 18, 2009 at 5:01 PM

But then the US would be an evil oil company. We don’t want to be evil.

That’s why we are borrowing money from China to loan to Brazil so Brazil can drill oil and sell it to China. It’s less evil that way because then we are just acting as a banker and everyone knows that bankers are not evi…. Umm…nevermind.

Lily on August 18, 2009 at 5:25 PM

The corruption that will be revealed coming from this administration will be historic, beyond anything ever recorded.

Skandia Recluse on August 18, 2009 at 5:26 PM

This story is from last Friday. Is it 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?

No. When is enough enough?

Jaibones on August 18, 2009 at 5:27 PM

I would say “unbelievable” but sadly, this is not at all suprising.
Do ya think we will hear one peep from the left about Obama selling out the country/environment/economy to help HIS big oil buddy?

MississippiMom on August 18, 2009 at 5:30 PM

No production, no consumption, no prosperity. Simple as that, and yet the left just can’t seem to get it!

Blacksmith on August 18, 2009 at 5:32 PM

The only good thing about Soros is that he is 79.

patrick neid on August 18, 2009 at 5:32 PM

No no no, it was ACORN!!!

Scratch that, MSNBC connection maybe??

welcome_ghosts on August 18, 2009 at 5:35 PM

The only good thing about Soros is that he is 79.

patrick neid on August 18, 2009 at 5:32 PM

He’s way past due for his end-of-life counseling.

Disturb the Universe on August 18, 2009 at 5:37 PM

welcome_ghosts on August 18, 2009 at 5:35 PM

No, actually there’s a Soros connection. You might not like that, but it’s a fact — not a conspiracy theory.

And don’t pretend like your side wouldn’t be jumping on this if it was Bush giving billions in loans to an oil company that a wealthy conservative bought financial interest in just days ago.

amerpundit on August 18, 2009 at 5:39 PM

Didn’t read all the comments, so sorry if a repeat.

Brazil’s Petrobras is suggesting/threatening to nationalize all aspects of it’s oil industry. From today’s news:

Brazil is sitting on billions of barrels of oil, and it doesn’t want to let foreign companies have a crack at it…

Why on Earth should it let some foreign company pull the oil from the ground? Gabrielli thinks his company should be in charge of operations, with some investment from foreign companies…

With Petrobas pulling the oil, it will earn the most revenue, which the government will distribute to its impovershed citizens. Brazil swears up and down that it won’t turn nationalistic like other latin countries, but there’s widespread fear in the nation that letting Petrobras control the oil supply is a bad idea…

If Brazil’s oil production
gets screwed up it could have far reaching effects.

There’s more. Just google it.

Why in the world would the Obama admin. be considering “investing” in the oil fields of a country that is at this very moment threatening to nationalize it all?

What has Obama promised Lula, and why?

JiangxiDad on August 18, 2009 at 5:39 PM

Despicable all of them. From Gore to Soros, to Kos, Obama.

rob verdi on August 18, 2009 at 5:40 PM

Comment pages: 1 2 3 4