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Author Topic: Obama Underwrites Offshore Drilling  (Read 1909 times)

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Offline thundley4

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Obama Underwrites Offshore Drilling
« on: August 19, 2009, 10:45:28 AM »
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Too bad it's not in U.S. waters.
You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off 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 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.

But look on the bright side. If President Obama has embraced offshore drilling in Brazil, why not in the old U.S.A.? The land of the sorta free and the home of the heavily indebted has enormous offshore oil deposits, and last year ahead of the November elections, with gasoline at $4 a gallon, Congress let a ban on offshore drilling expire.
  WSJ Opinion

Why do the liberals love giving money to foreign companies, but hate to keep the money in the US? 
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Offline Chris_

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Re: Obama Underwrites Offshore Drilling
« Reply #1 on: August 19, 2009, 11:21:32 AM »
Quote from: thundley4 on August 19, 2009, 10:45:28 AM
  WSJ Opinion

Why do the liberals love giving money to foreign companies, but hate to keep the money in the US? 
Because someone else can ALWAYS spend your money better than you can. [/libmode]
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Offline Chris_

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Re: Obama Underwrites Offshore Drilling
« Reply #2 on: August 19, 2009, 01:25:31 PM »
 :thatsright: And all this time I thought I was making money for my needs and wants
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Offline Odin's Hand

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Re: Obama Underwrites Offshore Drilling
« Reply #3 on: August 19, 2009, 01:30:36 PM »
He's helping to maintain the grip of his commie buddy da Silva over Brazil.
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Offline RightCoast

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Re: Obama Underwrites Offshore Drilling
« Reply #4 on: August 19, 2009, 08:18:17 PM »
NO CASH FOR OIL!!1 NO CASH FOR OIL1!!!1
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Offline thundley4

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Re: Obama Underwrites Offshore Drilling (Update: Soros Connection)
« Reply #5 on: August 19, 2009, 08:48:47 PM »
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Update: Who else besides Obama has taken an interest in Petrobras?  Hmmmmm:(link goes to Bloomberg)

His New York-based hedge-fund firm, Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras, as the Brazilian oil company is known, according to a filing today with the U.S. Securities and Exchange Commission. Soros bought 5.8 million of the company’s U.S.-traded preferred shares.

Soros is taking advantage of the spread between the two types of U.S.-listed Petrobras shares, said Luis Maizel, president of LM Capital Group LLC, which manages about $4 billion. The common shares were 21 percent more expensive than preferred today, according to data compiled by Bloomberg. …

Petrobras preferred shares have also a 10 percent additional dividend, said William Landers, a senior portfolio manager for Latin America at Blackrock Inc.

“Given that there will most likely never be a change in control in the company, I see no reason to pay a higher price for the common shares.” Brazil’s government controls Petrobras and has a majority stake of voting shares.

This story is from last Friday.  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?   Hmmmmmmmmmm.
HotAir
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Offline thundley4

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Re: Obama Underwrites Offshore Drilling
« Reply #6 on: August 19, 2009, 10:42:53 PM »
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Today's Wall Street Journal contains some puzzling news for all Americans who are impacted by high energy prices and who share the goal of moving us toward energy independence.

For years, states rich with an abundance of oil and natural gas have been begging Washington, DC politicians for the right to develop their own natural resources on federal lands and off shore. Such development would mean good paying jobs here in the United States (with health benefits) and the resulting royalties and taxes would provide money for federal coffers that would potentially off-set the need for higher income taxes, reduce the federal debt and deficits, or even help fund a trillion dollar health care plan if one were so inclined to support such a plan.

So why is it that during these tough times, when we have great needs at home, the Obama White House is prepared to send more than two billion of your hard-earned tax dollars to Brazil so that the nation's state-owned oil company, Petrobras, can drill off shore and create jobs developing its own resources? That's all Americans want; but such rational energy development has been continually thwarted by rabid environmentalists, faceless bureaucrats and a seemingly endless parade of lawsuits aimed at shutting down new energy projects.

I'll speak for the talent I have personally witnessed on the oil fields in Alaska when I say no other country in the world has a stronger workforce than America, no other country in the world has better safety standards than America, and no other country in the world has stricter environmental standards than America. Come to Alaska to witness how oil and gas can be developed simultaneously with the preservation of our eco-system. America has the resources. We deserve the opportunity to develop our resources no less than the Brazilians. Millions of Americans know it is true: "Drill, baby, drill." Alaska is proof you can drill and develop, and preserve nature, with its magnificent caribou herds passing by the Trans Alaska Pipeline System (TAPS), completely unaffected. One has to wonder if Obama is playing politics and perhaps refusing a "win" for some states just to play to the left with our money.

The new Gulf of Mexico lease sales tomorrow sound promising and perhaps will move some states in the right direction, but we all know that the extreme environmentalists who serve to block progress elsewhere, including in Alaska, continue to block opportunities. These environmentalists are putting our nation in peril and forcing us to rely on unstable and hostile foreign countries. Mr. Obama can stop the extreme tactics and exert proper government authority to encourage resource development and create jobs and health benefits in the U.S.; instead, he chooses to use American dollars in Brazil that will help to pay the salaries and benefits for Brazilians to drill for resources when the need and desire is great in America.

Buy American is a wonderful slogan, but you can't say in one breath that you want to strengthen our economy and stimulate it, and then in another ship our much-needed dollars to a nation desperate to drill while depriving us of the same opportunity.

- Sarah Palin
  From her facebook page.
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Offline Odin's Hand

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Re: Obama Underwrites Offshore Drilling
« Reply #7 on: August 19, 2009, 11:48:23 PM »
Soros?...Figures...can't wait 'til that POS finally gives up the ghost.
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Offline Chris_

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Re: Obama Underwrites Offshore Drilling
« Reply #8 on: August 20, 2009, 12:05:10 AM »
Quote from: Odin's Hand on August 19, 2009, 11:48:23 PM
Soros?...Figures...can't wait 'til that POS finally gives up the ghost.

How much of his hard stolen cash does he usually keep on him?  I may be interested in expediting the event.
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Offline ColonialMarine0431

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Re: Obama Underwrites Offshore Drilling
« Reply #9 on: August 20, 2009, 11:41:46 AM »
Sith Lord Soros, Obammy's puppetmaster, purchased an $811 million stake in Petroleo Brasileiro SA (PBR), (better known as Petrobras) in Q2.  Dingle Barry decides to give billions to Petrobras to drill. Will the MSM report on this fishy stink?  :lmao: Who am I kidding.... :lmao:


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Offline thundley4

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Re: Obama Underwrites Offshore Drilling
« Reply #10 on: August 20, 2009, 11:46:50 AM »
Quote from: ColonialMarine0431 on August 20, 2009, 11:41:46 AM
Sith Lord Soros, Obammy's puppetmaster, purchased an $811 million stake in Petroleo Brasileiro SA (PBR), (better known as Petrobras) in Q2.  Dingle Barry decides to give billions to Petrobras to drill. Will the MSM report on this fishy stink?  :lmao: Who am I kidding.... :lmao:




Fox News covered it this morning, and the Wall Street Journal covered it.
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Offline ColonialMarine0431

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Re: Obama Underwrites Offshore Drilling
« Reply #11 on: August 20, 2009, 11:52:44 AM »
Quote from: thundley4 on August 20, 2009, 11:46:50 AM
Fox News covered it this morning, and the Wall Street Journal covered it.

Good for them. Other than FOX, there are only a few other sources for real news. The WSJ being one of them. IBD (Investors Business Daily) does good work too. Unfortunately millions of Americans watch  NN and watch 30 minutes of the nightly network news and think they are informed.

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Offline SSG Snuggle Bunny

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Re: Obama Underwrites Offshore Drilling
« Reply #12 on: August 20, 2009, 02:15:53 PM »
And yet the libs jacked-up lease fees and tightened regs so that me and thousands of other oilfield workers and supporting businesses here in Colorado were put out of work...and all they can do is bitch about lower tax revenues and higher public assistance requests.
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Offline ColonialMarine0431

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Re: Obama Underwrites Offshore Drilling
« Reply #13 on: August 20, 2009, 02:43:46 PM »
Quote from: Mr Snuggle Bunny on August 20, 2009, 02:15:53 PM
And yet the libs jacked-up lease fees and tightened regs so that me and thousands of other oilfield workers and supporting businesses here in Colorado were put out of work...and all they can do is bitch about lower tax revenues and higher public assistance requests.

Not unlike what is happening in Californication.

Californians fleeing failed welfare state

Let them all rot.
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Offline SSG Snuggle Bunny

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Re: Obama Underwrites Offshore Drilling
« Reply #14 on: August 20, 2009, 03:26:38 PM »
Quote from: ColonialMarine0431 on August 20, 2009, 02:43:46 PM
Not unlike what is happening in Californication.

Californians fleeing failed welfare state

Let them all rot.

Indeed.

I'm resolved to move to TN.
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Offline JohnnyReb

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Re: Obama Underwrites Offshore Drilling
« Reply #15 on: August 20, 2009, 03:35:18 PM »
CALIFORNIA OR BUST..........well, it busted. :rotf:
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Offline Chris_

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Re: Obama Underwrites Offshore Drilling
« Reply #16 on: August 20, 2009, 05:48:44 PM »
Quote from: Mr Snuggle Bunny on August 20, 2009, 03:26:38 PM
Indeed.

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Hide the women and children!


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Offline Chris

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Re: Obama Underwrites Offshore Drilling
« Reply #17 on: August 20, 2009, 06:18:36 PM »
Quote from: lug-nut on August 20, 2009, 05:48:44 PM
Hide the women and children!


j/k
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Party at lug's house :drunksailor:
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