We Won’t Drill for Oil Here; We’ll Pay Brazil to Drill Instead

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. 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. …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.  via President Obama Finances Offshore Drilling in Brazil – WSJ.com.

And so it goes here in the United States of America during its fin de siecle, where NIMBY knows no bounds, where we will no longer build factories here but will contract to build them in China, and we will no longer drill for oil, but will contract with third-world states to do the drilling for us instead.

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