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.
President Obama Finances Offshore Drilling in Brazil - WSJ.com
What an asshole. People losing jobs everyday in this country and this dip stick subsidizes oil exploration, in Brazil, with 2 billion of our dollars. This is surreal.
What an asshole. People losing jobs everyday in this country and this dip stick subsidizes oil exploration, in Brazil, with 2 billion of our dollars. This is surreal.
It's a loan, not a grant, so I don't really have a beef with it in that way
It strikes me as odd, though. Is it unusual for the US gov to loan money to a private, foreign corporation? If it is (as I'd guess after my superficial look at the situation) what is the US getting out of the deal?
What an asshole. People losing jobs everyday in this country and this dip stick subsidizes oil exploration, in Brazil, with 2 billion of our dollars. This is surreal.
I'm sure Exxon Mobil a Dallas Texas based company loves this.
Please read the rules for the breaking news section. Opinion pieces do not belong here.
Judging by this article from May it sounds like he was trying to get a piece of the action.
China, Brazil Agree to $10 Billion Loan, Exploration (Update3) - Bloomberg.com
Sounds like China would like to get all of the Brazillian oil.
Why not do the same for American oil companies and put Americans back to work?
Perhaps George Soros's ownership of 5.8 million shares of Petrobras has something to do with PBO giving them the jack?
Obviously in an era of peaking worldwide production and increasing worldwide demand, our resident extremists on the right would rather China get that oil than us.
I'd sure like us to get our OWN oil, too.
Thats great, but the problem is that we don't have nearly enough. Our domestic oil production peaked 30 years ago and no amount of drilling is going to change that. Thus we have to secure access to production abroad.
Oil
(Billion Barrels)
Oil & Gas Journal
January 1, 2009
United States (See footnotes 2
21.317
2 BP p.l.c., BP Statistical Review of World Energy June 2008, except United States. Oil includes crude oil, gas condensate, and natural gas liquids.
United States oil data, including both crude oil and natural gas liquids, and United States natural gas data are from the Energy Information
Administration, U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves, 2007 Annual Report, DOE/EIA-0216(2007)
(February 2009). BP notes that for oil its "Canadian proved reserves include an official estimate of 21.0 billion barrels for oil sands 'under
active development'." BP does not include but separately reports an additional 152.2 billion barrels of Canadian oil sands defined as
"'remaining established reserves', less reserves 'under active development'." BP says of its data sources for oil reserves that "the estimates
in this table have been compiled using a combination of primary official sources, third-party data from the OPEC Secretariat, World Oil, Oil & Gas Journal
and an independent estimate of Russian reserves based on information in the public domain." Likewise for natural gas reserves, BP states that
"the estimates in this table have been compiled using a combination of primary official sources and third-party data from Cedigaz."
That's 21,317,000,000 barrels of known reservers... and I'm sure if the oil companies were turned loose to drill they would find one hell of alot more, after 30 years of not being able to look or drill.
Drill now, drill often.
The oil co's only pick the low hanging fruit first, they're not going to drill for the hard to get stuff until oil goes back to $5 a gallon.
Back to the OP I see no reason to fund any oil exploration. I say we get off the dinosaur juice asap. Take that money and give everyone a few solar panels instead.
Production peaked 30 years ago???? And there has been no new technology since?
http://www.eia.doe.gov/emeu/international/reserves.html
That's 21,317,000,000 barrels of known reservers... and I'm sure if the oil companies were turned loose to drill they would find one hell of alot more, after 30 years of not being able to look or drill.
Drill now, drill often.
agreed. we could all have self sufficient homes if we used solar shingles instead of what we use now.
WASHINGTON, DC -- Small and large US companies may benefit from a nonbinding preliminary commitment of $2 billion in financing from the Export-Import Bank of the US (Ex-Im Bank) to encourage purchases of US goods and services by Petróleo Brasileiro S.A. (Petrobras). Pending final approval, the financing is anticipated to support more than $2.2 billion of US exports to Petrobras.
Ex-Im Bank anticipates that this preliminary commitment will give Petrobras the opportunity to identify potential US exporters for its projects over the next two years. Upon conversion of the preliminary commitment to a final commitment, the financing could be used to support US exports on repayment terms of up to 10 years, including a potential conversion of part of the financing to establish a medium-term (one to seven years) credit guarantee facility.
Setting aside the fact that this is obviously false, you're also completely ignoring the question of cost.
It's a loan, not a grant, so I don't really have a beef with it in that way
It strikes me as odd, though. Is it unusual for the US gov to loan money to a private, foreign corporation? If it is (as I'd guess after my superficial look at the situation) what is the US getting out of the deal?
Exactly, a lot of people don't seem to get that what ever we replace oil with has to be as cheap or cheaper than oil.
If the majority of Americans were willing or able to pay two to three times the price for a good simply because it was produced in a more environmentally or socially responsible manner, then Whole Foods would be bigger than Walmart.
Loan, grant, apdst doesn't care, he just likes to show his patriotism by calling the President names.
Facts, proper perspective be damned. A good spin and apdst is off to the races....
This would seem pretty ridiculous if true.
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