Team Obama Funds Oil Drilling Project in Brazil… Nixes Offshore Drilling In US …Update: Soros Invested Heavily in Petrobras
Team Obama approved a nuclear energy program for the UAE in May.
But, Obama and the Pelosi-Reid Democrats will not allow nuclear energy expansion in the United States.
Already this year democrats banned offshore drilling, scrapped oil and gas leases in Utah and opened the 111th Congress by introducing a bill to permanently prohibit drilling in the Arctic National Wildlife Refuge (ANWR).
But, Team Obama is going to lend billions of dollars to Brazil to finance exploration of its huge offshore oil field discovery.
For decades, Democrats have blocked efforts to responsibly develop this nation’s energy resources, transforming vast areas of opportunity into “The No Zone.”
Over the past 30 years:
Democrats have blocked the development of new sources of petroleum.
Democrats have blocked drilling in ANWR.
Democrats have blocked drilling off the coast of Florida.
Democrats have blocked drilling off of the east coast.
Democrats have blocked drilling off of the west coast.
Democrats have blocked drilling off the Alaskan coast.
Democrats have blocked building oil refineries.
Democrats have blocked clean nuclear energy production.
Democrats have blocked clean coal production.
But, they’re funding projects in Brazil.
The Wall Street Journal reported:
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.
More… Last week Chevron U.S.A. Inc. announced that the Discoverer Clear Leader–an ultra-deepwater drillship –has begun work in the deepwater U.S. Gulf of Mexico, allowing Chevron to expand its search for new domestic sources of energy.
Chevron is forced to develop new technology to drill in the Gulf’s deepwater since most of the US is off limits to oil companies thanks to Democrats.
(There’s video at the link.)
UPDATE: Obama just formed a joint task force to assist Pakistan overcome its present energy crisis.
UPDATE 2: Apparently, Barack Obama’s pal George Soros has invested heavily in Petrobas.
Doug Strait sent this:
I read a lot of news and remembered that a while back George Soros had invested in an Brazilian oil company. So, I searched for “Petrobras Soros” and found a couple articles.
Here is one that I found.
These are the top 5 holdings of George Soros
1.Petroleo Brasileiro S.A.Petrobras (PBR) – 9,818,323 shares, 15.42% of the total portfolio
2.Hess Corp. (HES) – 5,123,198 shares, 10.56% of the total portfolio
3.Petroleo Brasileiro S.A.Petrobras (PBR-A) – 5,884,700 shares, 7.53% of the total portfolio
4.Potash Corp. of Saskatchewan Inc. (POT) – 1,978,053 shares, 7.06% of the total portfolio
5.Plains Exploration & Production Company (PXP) – 6,526,400 shares, 6.84% of the total portfolio
Note that there are two Petrobas stock numbers (PBR and PBR-A, numbers 1
& 3 listed above).
This looks interesting to me considering the Soros-Obama connections.
More… Ed Morrissey asks:
Is it a coincidence that Obama backer George Soros repositioned himself in Petrobras to get dividends just a few days before Obama committed $2 billion in loans and guarantees for Petrobras’ offshore operations?