Obama to spend $1 bill to fund offshore drilling - for Brazil

[Freedom4all]

Just when you think Obama has made the dumbest move of his presidency, he proves once again that there is no limit to his stupidity.

The Wall Street Journal is incredulous:

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.

Obama is actually going to go ahead with additional oil leases for the Gulf of Mexico. But as the Journal points out, there is as much oil along our east and west coasts as the oil field in Brazil our president is financing.

But carbon is evil and we emit too much of it. Better to let Americans pay through the nose for foreign oil than exploit any of our own fields and have one additional molecule of CO2 waft up into the atmosphere.

To quote the great philosopher Bugs Bunny: "What a Maroon."

 

[Freedom4all]

UPDATE:

One Campaign Promise Obama Kept: Shower His Friends (George Soros) with Money

Soros Hedge Fund Bought Petrobras Stake Worth $811 Million
By Jeb Blount and Miles Weiss

Aug. 15 (Bloomberg) — Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund’s largest holding.

As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 percent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management LLC, according to a filing with the U.S. Securities and Exchange Commission.

For those who may not know George Sosros was the single most largest $$$ contributer to Obama and the Democratic party. He is also behind the notorious moveon.org PAC whose sole purpose is to further the corrupt liberal socialist agenda.

 

[delldude]

 

[Freedom4all]

UPDATE:

Earlier this week, we found out what kind of energy production Barack Obama likes to support when he offered $2 billion in loans and guarantees to Brazilian oil producer Petrobras to drill off Brazil’s shores — while supporting a moratorium on offshore drilling in the US. Coincidentally, Obama had the opportunity to offer the exact same amount of money to an American company for energy production just three weeks earlier. Did they get the cash for their zero-emission energy industry venture? Apparently, George Soros didn’t invest in USEC:

USEC Denied Loan Guarantees

Bethesda-based USEC on Tuesday accused President Obama of reneging on a campaign pledge after the Energy Department turned down the company’s request for $2 billion in loan guarantees for a new uranium enrichment project in Piketon, Ohio.

USEC, which operates the nation’s only uranium enrichment facility, said it would “demobilize†the new project, which it said could not obtain private financing without the federal loan guarantee. The company has already spent $1.5 billion on what it calls the American Centrifuge Plant, but USEC says the final price tag could reach $3.5 billion, 1 1/2 times as much as it estimated two years ago.

“We are shocked and disappointed by DOE’s decision,†USEC chief executive John K. Welch said in a statement. “President Obama promised to support the loan guarantee for the American Centrifuge Plant while he campaigned in Ohio. We are disappointed that campaign commitment has not been met.â€

Let’s make this clear. Obama found $2 billion in the depleted Treasury to fund an expansion of oil production in Brazil, despite both his opposition to American offshore drilling and to increasing reliance on fossil fuels. However, he cannot find any money to keep a promise to support nuclear energy in the US by keeping the USEC plant in operation in Ohio, a state that will get hammered by his cap-and-trade proposal. The denial will set back the introduction of nuclear energy that could replace some of the coal-based electrical power generated in Ohio and elsewhere.

The DoE says that the USEC project has not reached the readiness stage required for funding. However, the same is true of the project that Obama’s funding in Brazil. In fact, investors (other than Soros) wonder whether the state-owned and state-run Petrobras is really up to the task of properly exploiting the find, despite the leftist government’s campaign of supporting Petrobras control of it. The extraction of the coastal find is still in the planning stages, whereas the USEC facility is much closer to production. Yet the US has no use for American energy even as it subsidizes Brazil’s government-owned oil production.

What’s the difference that pushed Obama towards Petrobras and away from USEC? Because from here, it just looks like George Soros.

 

[delldude]

Once again...Obama sets the bar for lying politicians....

You know how you tell if he's lying??

His lips move......

 

[Kev3188]

I've had PBR on my watch list at Fidelity for while. Maybe it's time to buy?

 

[ORDmech]

:angry:

Somewhere in Kenya a village is missing its idiot!