Investor’s Business Daily asks the question, “If deep-water drilling is so unsafe, why are we helping Brazil drill in water three times as deep?”
While the U.S. seeks to ban drilling in 500 feet of water, Brazil’s Petrobras plans to go much deeper to tap oil and gas in a large area off the… View Enlarged Image
Energy Policy: Our interior secretary plans to reinstate the offshore drilling moratorium struck down by a federal judge. But if deep-water drilling is so unsafe, why are we helping Brazil drill nearly three times as deep?
Maybe Secretary Ken Salazar can explain why Britain and others can safely drill in the North Sea and no other nation has suspended its offshore drilling. Yet there he was Tuesday saying he’ll reissue a reworded moratorium that will make it clear to dunces like U.S. District Judge Martin Feldman why offshore drilling is unsafe.
Read the complete article here.
But, there’s more. The U. S Import Export Bank is funding Brazil’s drilling program.
Last August, the U.S. Export-Import Bank issued a “preliminary commitment” letter to Brazil’s state-run Petrobras in the amount of $2 billion, with the promise of more to follow. Why are we lending billions to a foreign oil company that made $15 billion last year?
These taxpayer dollars finance exploration of the huge offshore discovery in Brazil’s Tupi oil field in the Santos Basin near Rio de Janeiro. Apparently there are no pristine beaches full of tourists there. Someday we may be importing that oil we’re helping Brazil get at.
Has that letter been rescinded as part of the moratorium? Why are Brazil’s offshore fields safe but ours aren’t? — Investor’s Business Daily, June 23, 2010.
The pertinent point here is the US Import Export Bank. Just who is that organization?
Obama’s butt buddy, George Soros.
The New York-based hedge fund firm controlled by the billionaire philanthropist and backer of Democratic causes and campaigns bought and sold millions of shares in Petrobras — the largest of the firm’s holdings — prior to public disclosure of the Export-Import bank’s offer of new credit guarantees to the Brazilian energy giant. — Fox News, August 20, 2009.
So now we understand. According to Salazar, it’s bad when the US drills offshore because it isn’t safe, but it is perfectly acceptable for a company controlled by Obama’s propaganda chief, George Soros, to do so in Brazilian waters. When the Brazilian oil fields start producing, we’ll have to pay—again, to import that oil. Our off-shore oil reserves will be siphoned off by China and Cuba who have no such artificial constraints on drilling.