Obama Underwrites Offshore Drilling...in Brazil

Discussion in 'Current Events' started by Philobeado, Feb 16, 2010.

  1. Philobeado
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    Philobeado Gold Member

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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.

    Cont.

    President Obama Finances Offshore Drilling in Brazil - WSJ.com

    :cuckoo::cuckoo::cuckoo:
     
  2. WillowTree
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    WillowTree Diamond Member

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    Figures!
     
  3. Xenophon
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    Xenophon Gone and forgotten

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    Why are we lending money to Brazil?
     
  4. Polk
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    Polk Classic

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    This particular agency (Import-Export Bank) serves to extend credit to foreign firms to buy American goods. When you really get down to it, it's a loan program designed to encourage domestic output.
     
  5. MIPS
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    MIPS Active Member

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    Of course, why wouldn't President Obama want to the government to finance oil exploration off the shores of one of our 57 states? :tongue:
     
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  6. PatekPhilippe
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    PatekPhilippe Senior Member

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    That's good news...I got a buddy down there making $290k a year working 6 months on 6 months off on the Petrobas owned oil platforms. Tax dollars at work for America....:lol:
     
  7. uscitizen
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    uscitizen Senior Member

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    Cuba has oil now. And US companies were not allowed to participate in the ventures. Canadian, French and Someone else got them.
     
  8. rightwinger
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    rightwinger Award Winning USMB Paid Messageboard Poster Gold Supporting Member Supporting Member

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  9. uscitizen
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    uscitizen Senior Member

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    Viral emails the right loves em.
     
  10. MaggieMae
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    MaggieMae Reality bits

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    Of course omitted (or ignored) by the critics is that these are KNOWN sources of vast amounts of oil, not drilling just for the sake of drilling on the hope that oil is there. Oil isn't going away as an energy source, not by a long shot. But I say it's better to ultimately rely on getting it from Brazil than from Venezuela (or the usual Mideast hot spots).

    US financial support for Brazil to develop massive offshore pre-salt oil deposits — MercoPress
     

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