Obama Back Offshore Drilling! »
Posted By rbiii 3 months, 4 weeks ago in Business & FinanceIn Brazil.
You can't make this stuff up.
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rbiii
A father of four. A conservative who believes in Federalism and limiting the power and scope of government.
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Klarissa3 months, 4 weeks ago
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"This seems odd in several ways.
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For this particular administration to offer billions in loans to a foreign oil company makes a mockery of a number of Obama talking points.
First, why does Petrobas need loan guarantees to pursue its exploration? As the WSJ notes, it is a very large corporation, which should have the resources to get to the oil on its own.
Obama, who has ripped American corporations for their supposed subsidies in American tax policy, now wants to use an empty Treasury to give cash to a Brazilian oil company.
Next, Obama keeps insisting that we cut back on our use of fossil fuels. He and his allies in Congress have blocked exploration of American oil fields off both shores for decades, and Obama insists that we would only keep enabling our oil addiction if we started drilling off of our own coasts.
Yet he has no trouble committing $2,000,000,000 of our money for Brazil to drill off its own coast.
Here’s a proposal: Let American companies do what Obama is paying Brazilian companies to do — drill offshore. We won’t have to pay them money or float them any loans to do it, either.
In fact, we will make money off of the leases, while the effort creates hundreds of thousands of high-paying jobs in the US, creating more tax revenue rather than emptying out the Treasury.
Update: Who else besides Obama has taken an interest in Petrobras? Hmmmmmm: -
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Klarissa3 months, 4 weeks ago
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www.bloomberg.com/apps/news?pid=20601086=aFHPjfeUv...
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Aug. 15 (Bloomberg) -- Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund's largest holding.
As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 percent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management LLC, according to a filing with the U.S. Securities and Exchange Commission. Petrobras has since slumped 28 percent. -
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