Obama administration reverses position on offshore drilling!
Posted by: The BoBo // Category: China, Congress, Democrats, Liberals, Obama, Politics, Taxes, energy, government, oil
It appears that while Obama signed an executive order earlier this year banning offshore drilling once again off the American coast – they have decided that offshore drilling is actually a good idea. In fact, we taxpayers will be funding offshore drilling to the tune of $2,000,000,000.00. Wow – it’s about time, right?
WRONG! Perhaps I should mention that Obama is funding this $2 Billion to PetroBras – The state of Brazil – as reported in The Wall Street Journal
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 $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.
Here are the stats on PetroBras:
Data referring to the year 2008
NET EARNINGS
R$ 215,118,000
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NET INCOME
R$ 32,988,000
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INVESTMENTS
R$ 53.3 billion
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SHAREHOLDERS
208,962
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EXPLORATION
109 drilling rig
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RESERVES (SEC CRITERION)
11.19 billion barrels of oil and gas equivalent (boe)
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PRODUCTIVE WELLS
13,174
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PRODUCTION PLATFORMS
112 (78 fixed; 34 floating)
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DAILY PRODUCTION
1,978,000 barrels per day (bpd) of oil and LNG
422,000 barrels of natural gas per day
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REFINERIES
16
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YIELD FROM REFINERIES
1,937,000 barrels a day
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PIPELINES
25,197 km
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TANKER FLEET
189 (54 belonging to Petrobras)
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GAS STATIONS
5,998
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FERTILIZERS
3 Plants
Annual updated
Last updated: March 2009
Let’s put those $Real figures in to American dollars – at today’s exchange rate of 1.84 Reals to 1 U.S. Dollar the total net earnings are $116,911,957. Net Income is $17,928,261. Their total investments are $30 Billion. This is a state owned oil company. The Obama administration is providing $2 Billion to another country that has $30 Billion in investments for offshore oil exploration – OFF THE SHORES OF BRAZIL! WTF? This is the same country that just signed a deal in February to supply China with 58,000,000,000 barrels of oil per year. So – essentially, we Americans are funding Brazil to explore and drill off their own shores in order to provide oil to another country.
Oh – Did I mention that George Soros is the major stakeholder in PetroBras? He personally holds $900,000,000 in shares of PetroBras. So, who really benefits by Obama giving PetroBras this $2 Billion? It sure as hell isn’t we the American people who are actually paying for it. This is just another payoff to his corporate pal Soros and to China.
When are you people on the left going to realize that Obama doesn’t give a shit about we Americans, the poor, or the middle class? He only cares about paying off all of his corporate buddies. You thought GWB was in the tank with corporations – the entire freakin’ Obama administration and every single freakin spending bill that has been put out there in the last 7 months were payoffs to large corporations that donated to him.
Who do you think benefits the most if the healthcare bill passes? It sure isn’t we the American people – it will be GE, George Soros, PhRma, the SEIU, GMMB, and AKPD, just to name a few. I have a hard-core liberal cousin who lives in Pittsburgh. During one of our conversations prior to the elections he said he was voting for Obama because Obama wasn’t in the pocket of big corporations like Bush was and that Obama was going to take the power away from corporate America and give it back to the people. Hmmm…I wonder how that is working out now? I’m gonna have to give him a call now!
Anyway – to get back to the main point – while I think this is a slap in the face of all Americans and absolutely exposes the hypocrisy of the left that they would fund offshore drilling in a leftist country but absolutely ban all offshore drilling in America – as the news gets out on this – I believe more Americans will start to wake up. The left no longer has a leg to stand on when it comes to offshore drilling. We Americans are paying dearly at the pump and the leftists in D.C. are forcing Cap and Tax on us that will continue to drive up prices at the pump and in our homes – yet – they will finance oil exploration outside of the country. We are being screwed once again by our own government – and for what? How does this deal make any freakin sense at all? This just proves that the Cap and Tax is a scam.
Why would a company worth $30 billion and has a lucrative long-term contract with China need our taxpayer dollars to drill in their own waters? They don’t. I’m going to say it again – this is a round about way to payoff Soros and China using our money. Call your representatives and senators and tell them to drop this deal. In this stagnant economy – we can’t afford to subsidize other countries – nevertheless the 7th largest oil producer in the world.
I also found out that other bloggers have picked up on this as well:
Michelle Malkin – Hot Air – Good news: Obama backs off-shore drilling!
Gateway Pundit – Team Obama Funds Oil Drilling Project in Brazil (I recommend checking this one out – he has a lot of good graphics on the American “No Zones” and bans.)































