Obama To Fund Offshore Drilling

In Brazil. What?  After closing down ANWR’s coastal plain, which was set aside specifically for oil and gas exploration, President Obama is giving $2 billion in loan guarantees to Petrobras, one of the largest corporations in the Americas. Petrobras is Brazil’s state owned oil company.

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.

And you’ll never guess who has a 20% share in that company.  Billionaire George Soros, major Democratic contributor who spent $27 million to defeat George Bush in 2004, and then some. In fact, that share is the largest share of any of Soros’ single investments. But that was not always the case. He invested in it just before this corporate welfare plan took place.

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.

Just how this squares with the campaign rhetoric from Barack Obama about corporate welfare, and reducing the use of fossil fuels and separating himself from special interests is simple. It doesn’t.

As to why Obama would sanction such a thing is also simple.  Everybody gets their payback in Obama’s administration. Especially the  lobbyists he said he would distance himself from when he was a candidate. You simply have to wait your turn. AIG, Freddie and Fannie, Wall Street, the UAW, trial lawyers, and now major contributor George Soros.

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.

You would think that, at a time when this administration is spending our grandchildren’s future in order to remake America (his words) and ‘rescue’ our economy, that making a deal like this to a foreign company that has the resources to go it alone would find its way into the mainstream media. Apparently, only when a Republican is in The White House.

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