Report: U.S. to be biggest oil producer. Thank you Prez Obama

[BlindBoo]

lol. Brazil just received billions because Obama wants to be their best customer. Thank you Prez Obama.
The state of Ohio has been leased to Chesapeake. Didn't find any quotes from Obama about wanting to be their best customer..........

Stealing from the rich in America, benefits Brazilians. It's not doing a hell of a lot to benefit America though.

Allow me.....

Here’s what is really going on with that $2 billion loan. Petrobras declined to comment on it, but a spokesperson at the Export-Import Bank, which offered Petrobras $2 billion in a preliminary commitment in April 2009, did comment. (And after some due diligence all my own, here are the the “known-knowns”.)

The Export Import Bank is a government run bank. It made a preliminary commitment to offer Petrobras $2 billion in April 2009. What that means is, Petrobras could take out a loan from the Bank and use that money not to enrich Soros or shareholders, per se, but to enrich US companies in the energy space, mainly businesses in the oil, natural gas, and oil rig space. The money would in fact come back to the US and, hopefully, even create jobs due to demand for goods and services from Petrobras, one of the biggest oil companies in the Americas.

What’s become of that $2 billion? On February 4, 2010, the Bank entered into a medium-term credit guarantee facility with Petrobras for $308 million. That means if Petrobras wants, it can go to a bank — in this case it is JP Morgan — and take out a loan for $308 million to buy goods and services from US companies. The Export Import Bank then would guarantee that loan from default, which in turn makes JP Morgan happy because it will not lose money and will make interest on the loan; make Petrobras happy because the loan guarantee means low interest rates on the loan; and it makes the Export Import Bank happy because they can collect fees (undisclosed) and provide a boost to the companies in the US in which Petrobras will do business


Dispelling the Brazil Oil Loan Myth as Obama Heads to Rio - Forbes

 

[Mr. H.]

BB you must have been the one that posted this a while back.

 

[BlindBoo]

BB you must have been the one that posted this a while back.

Could have been. I've dispelled that myth a number of times. But it just keeps coming back??????

 

[Mr. H.]

BB you must have been the one that posted this a while back.

Could have been. I've dispelled that myth a number of times. But it just keeps coming back??????

Not from me LOL. But again, the thread title heaps praise on Obama which is a bunch of crap.

 

[Liberal]

lol. Brazil just received billions because Obama wants to be their best customer. Thank you Prez Obama.
The state of Ohio has been leased to Chesapeake. Didn't find any quotes from Obama about wanting to be their best customer..........

Stealing from the rich in America, benefits Brazilians. It's not doing a hell of a lot to benefit America though.

Allow me.....

Here’s what is really going on with that $2 billion loan. Petrobras declined to comment on it, but a spokesperson at the Export-Import Bank, which offered Petrobras $2 billion in a preliminary commitment in April 2009, did comment. (And after some due diligence all my own, here are the the “known-knowns”.)

The Export Import Bank is a government run bank. It made a preliminary commitment to offer Petrobras $2 billion in April 2009. What that means is, Petrobras could take out a loan from the Bank and use that money not to enrich Soros or shareholders, per se, but to enrich US companies in the energy space, mainly businesses in the oil, natural gas, and oil rig space. The money would in fact come back to the US and, hopefully, even create jobs due to demand for goods and services from Petrobras, one of the biggest oil companies in the Americas.

What’s become of that $2 billion? On February 4, 2010, the Bank entered into a medium-term credit guarantee facility with Petrobras for $308 million. That means if Petrobras wants, it can go to a bank — in this case it is JP Morgan — and take out a loan for $308 million to buy goods and services from US companies. The Export Import Bank then would guarantee that loan from default, which in turn makes JP Morgan happy because it will not lose money and will make interest on the loan; make Petrobras happy because the loan guarantee means low interest rates on the loan; and it makes the Export Import Bank happy because they can collect fees (undisclosed) and provide a boost to the companies in the US in which Petrobras will do business


Dispelling the Brazil Oil Loan Myth as Obama Heads to Rio - Forbes

Funny, our customer (here is the states) deals directly with Petrobras.

They make variable AC motor drives for high viscosity pumps, which Petrobras goes through like toilet paper.

Interesting read.

Thanks.

 

[Trajan]

you all do realize the admin. just closed off 1.6 million acres of fed. land for development and have said they will review a plan for 675K for development...?

the plans had been on the drawing board for 4 years, but, not anymore....

 

[healthmyths]

And the news just keeps on getting better and better as we speak. Adios Saudi Arabia. Hello $2 gal gas.




U.S. to become biggest oil producer and energy independent - Nov. 12, 2012

LONDON (CNNMoney) -- The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation's energy market

"The Interior Department on Friday issued a final plan to close 1.6 million acres of federal land in the West originally slated for oil shale development.[/COLOR][/U][/I][/B]

The proposed plan would fence off a majority of the initial blueprint laid out in the final days of the George W. Bush administration. It faces a 30-day protest period and a 60-day process to ensure it is consistent with local and state policies. After that, the department would render a decision for implementation.
Interior proposal would limit commercial oil shale development on federal lands - The Hill's E2-Wire

 

[U2Edge]

And the news just keeps on getting better and better as we speak. Adios Saudi Arabia. Hello $2 gal gas.




U.S. to become biggest oil producer and energy independent - Nov. 12, 2012

LONDON (CNNMoney) -- The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation's energy market

There is a global market for energy, NOT a national market. The Global price of a barrel of oil is determined by the global market NOT the national market. Saudi Arabia continues to have the largest reserves of oil in the world and can extract oil at a rate that is less costly than in any other country on the planet. Saudi Arabia, Kuwait and Iraq continue to impact the global market price of oil through supply. India and China as well as other rising third world countries continue to impact the global price of oil through demand. Increased US production helps, but it does not change the fact that the price the United States pays for its energy will continue to be impacted by oil supply in the middle east and oil demand in India and China. Thats the way it works folks.

 

[BlindBoo]

And the news just keeps on getting better and better as we speak. Adios Saudi Arabia. Hello $2 gal gas.




U.S. to become biggest oil producer and energy independent - Nov. 12, 2012

LONDON (CNNMoney) -- The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation's energy market

"The Interior Department on Friday issued a final plan to close 1.6 million acres of federal land in the West originally slated for oil shale development.[/COLOR][/U][/I][/B]

The proposed plan would fence off a majority of the initial blueprint laid out in the final days of the George W. Bush administration. It faces a 30-day protest period and a 60-day process to ensure it is consistent with local and state policies. After that, the department would render a decision for implementation.
Interior proposal would limit commercial oil shale development on federal lands - The Hill's E2-Wire

Good, because there is a vast difference between Shale oil (such as the Bakken) and Oil Shale (Colorado).

Oil Shale, Shale Oil, And 6 Ways to Play the Difference - Seeking Alpha

Next.

 

[Mr. H.]

The celebration may be short lived considering there's $40 billion in industry taxes within His Majesty's budget. That'll kill the goose for sure...

Obama budget repeals billions in oil, gas tax breaks, reviving fight with GOP - The Hill's E2-Wire