U.S. Gov't, Soros Fund Offshore Drilling in Brazil
Thursday, 11 Feb 2010 10:30 AM

By: E. Ralph Hostetter

The United States has been held hostage for too long by the interests of others in the development of its own petroleum resources. Both President Barack Obama and Congress find ways to prevent America from availing itself of opportunities to exploit offshore drilling.

A recent situation reveals just how ridiculous it has become.

While America suffers restrictions on developing its own oil resources, it apparently is supporting and giving financial guarantees to foreign individuals and organizations in Brazil.

The Wall Street Journal reports: "The United States, through the U.S. Export-Import Bank, has issued a 'preliminary commitment' of $2 billion and more if needed" to Petroleo Brasileiro SA, a Brazilian government-owned oil exploration and development corporation known as "Petrobras."

Petrobras is exploring and developing what has been described as the "huge offshore discoveryâ€