Obama to drill offshore

[Coops]

IN 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 Wall Street Journal link

This is rich. Obama is loaning 2 billion dollars to a Brazilian oil company (Petrobras, the 7th most profitable company in the world) so that they can drill for oil off the shores of Brazil. This company has contracted to sell 58 million barrels of oil to China!

So rather than give the money to US companies to drill in Alaska and in US waters and create American jobs and increase Federal tax income he gives our money to Brazil to create Brazilian jobs and Brazilian oil to sell to China.

BTW: Petrobras is the largest holding of George Soros who is was a major contributor to the Obama campaign.

How sick is that?

What if Bush gave $2 Billion to an oil company?

How does this reduce our dependence on foreign oil?

[knighthawk06699]

We wont drill domestically but this ass hat is gonna give Brazil money to drill oil and then charge us when we need it. Seriously, I hope everyone who voted for this clown is happy. He betrays the American people with every stroke of his very crooked pen.

[Brick]

I heard this story on Fox a short while ago. Thanks for providing a corraborating source!

[Morel42]

Not to get overly complex, but consider this..

Venezuela is currently the largest oil producer in the region, a country we have questionable relations with.. The US Export & Import Bank makes these types of loans all the time. Allowing Brazil to increase it's oil production and strengthens our own oil supply with a more friendly nation. The money (I would hope) would be quickly paid back with interest.

Keep our own domestic oil reserves as much as we can in case the day comes that the rest of the world does start seeing huge drops in production.

Of course without seeing a more detailed explination of the agreement and a source other then a blog/commentary. I can't honestly tell you if it's a good idea or dumb ass move..

[Pector55]

Not to get overly complex, but consider this..

Venezuela is currently the largest oil producer in the region, a country we have questionable relations with.. The US Export & Import Bank makes these types of loans all the time. Allowing Brazil to increase it's oil production and strengthens our own oil supply with a more friendly nation. The money (I would hope) would be quickly paid back with interest.

Keep our own domestic oil reserves as much as we can in case the day comes that the rest of the world does start seeing huge drops in production.

Of course without seeing a more detailed explination of the agreement and a source other then a blog/commentary. I can't honestly tell you if it's a good idea or dumb ass move..

Brazil is also one of the BRIC countries who wants to trade with China in local currencies and NOT have anything to do with the U.S. dollar.

One thing that blows my mind, where did we get the money to "loan" them? This wreaks of WTF.

[Brick]

Let's remove some of the complexity, take the 2 billion dollars back and use it as a loan to American oil companies & gas companies to: 1. develop new technologies to extract the oil held in our unconventional reserves and/or 2. Develop the natural gas reserves in the Marcellus Shale. But, strictly require the research or development to be in the U.S. and by U.S. owned companies.

[camper]

Even better, take that 2 billion and buy everyone Dirt Bikes!!!!

camper

[Kiski Cowboy]

Obama is loaning 2 billion dollars to a Brazilian oil company (Petrobras, the 7th most profitable company in the world) so that they can drill for oil off the shores of Brazil. BTW: Petrobras is the largest holding of George Soros who is was a major contributor to the Obama campaign.

Everybody is missing the most important part of this...this is a 2 Billion dollar ($2,000,000,000.00) payback to George Soros from the Messi-uh for getting him elected. It's not about the oil, it's about political paybacks, plain and simple.

[Sandcut]

Everybody is missing the most important part of this...this is a 2 Billion dollar ($2,000,000,000.00) payback to George Soros from the Messi-uh for getting him elected. It's not about the oil, it's about political paybacks, plain and simple.

Actually, it sounds like a way to pay back China, in oil, for lending the Federal Reserve the $2 billion dollars in the first place. Don't forget, we owe China beaucoup money. At least this way, we make some interest off Brazil to help pay back the interest that we owe China.

[velkly]

...this is a 2 Billion dollar ($2,000,000,000.00) payback to George Soros from the Messi-uh for getting him elected.

Nail, meet hammer...