Thread: White House says 'drill, baby, drill' - in Brazil

White House says 'drill, baby, drill' - in Brazil

Jim Brown - OneNewsNow - 8/21/2009 7:45:00 AM
An energy analyst says he cannot understand why the Obama administration is borrowing money to lend money to Brazil so it can conduct oil drilling off its eastern coast, yet will not support oil drilling in American waters.

The Wall Street Journal reports that the Obama administration has agreed to lend $2 billion to Brazil's state-owned oil company, Petrobras, to finance oil exploration off the country's coast near Rio de Janeiro. The U.S. Export-Import Bank has issued a "preliminary commitment" of $2 billion to Petrobras, but may loan more. Earlier this month, a Brazilian official said the U.S. could provide up to $10 billion for the drilling project.

David Kreutzer is senior policy analyst in energy economics and climate change at The Heritage Foundation. He questions why the United States is not drilling in its own deep-water oil fields.

"Why aren't we getting oil from the Arctic National Wildlife Refuge?" he wonders. "There are tens of billions of barrels of petroleum that we could get in our own water, and even onshore, that have been blocked by people in Washington; and here we're lending money to people in Brazil to get oil -- it does seem silly, and I can't explain the thinking."

Kreutzer says U.S. opposition to drilling in its own oil fields is stupid in its own right, but that giving money to state-run oil companies to drill in foreign oil fields is more silly -- especially given the fact that the Obama administration's "cap-and-trade" policy seeks to limit America's use of petroleum and other fossil-based energies.

Meanwhile, Bloomberg.com is reporting that George Soros, a major contributor to the Democratic Party, is also a major investor in the Brazilian oil company. According to that report, he recently repositioned himself in that investment by trading his common stocks for preferred stocks, which offer a larger dividend.

http://www.onenewsnow.com/Politics/Defa ... ?id=653156

Would profit from drilling off our own shores. The Government doesnt want that to happen. They want to drive us into a New World Order first...

NWO