US Export-Import Bank extends $3 billion credit to Brazil to finance infrastructure projects and offshore oil drilling. So says the Export-Import Bank Chairman and President Fred P. Hochberg, who traveled to Brazil with President Obama.
It’s cool that they are taking an interest in offshore drilling and new offshore technology like floating storage facilities. It’s just too bad that it will be creating no jobs for U.S. workers and plenty of jobs for Brazil and other foreign countries. Isn’t it amazing how generous he is with your money for something he won’t do here?
Here’s an idea: 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.
Links: US Export-Import Bank extends $3 billion credit to Brazil to finance infrastructure projects and offshore oil drilling | More from Questioning With Boldness | Gulf Oil CEO: Obama ‘Hypocritical’ on Brazil Drilling