Check out “Obama Gives Brazil $2 Billion to Drill for Oil-What???”

It’s a Loan? The US is looking more and more like those “check cashing / loan places”…problem is they usually have the money to lend… We’re BROKE! how can we justify this?

Wall Street Journal

Obama Underwrites Offshore Drilling
Too bad it’s not in U.S. waters.

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. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, 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.

But look on the bright side. If President Obama has embraced offshore drilling in Brazil, why not in the old U.S.A.? The land of the sorta free and the home of the heavily indebted has enormous offshore oil deposits, and last year ahead of the November elections, with gasoline at $4 a gallon, Congress let a ban on offshore drilling expire.

The Bush Administration’s five-year plan (2007-2012) to open the outer continental shelf to oil exploration included new lease sales in the Gulf of Mexico. But in 2007 environmentalists went to court to block drilling in Alaska and in April a federal court ruled in their favor. In May, Interior Secretary Ken Salazar said his department was unsure whether that ruling applied only to Alaska or all offshore drilling. So it asked an appeals court for clarification. Late last month the court said the earlier decision applied only to Alaska, opening the way for the sale of leases in the Gulf. Mr. Salazar now says the sales will go forward on August 19.

This is progress, however slow. But it still doesn’t allow the U.S. to explore in Alaska or along the East and West Coasts, which could be our equivalent of the Tupi oil fields, which are set to make Brazil a leading oil exporter. Americans are right to wonder why Mr. Obama is underwriting in Brazil what he won’t allow at home.


Press Release – Balto. Co. Republican Party – Cavey

Key to the entire discussion here is the final sentence….

Its time for the citizens to end this partys monopoly on power.

For Immediate Release:

Baltimore County Republican Party Seeks Legislative Probe

Of Cardin Abuse of Police Resources

Contact: Chris Cavey

Baltimore County Republican Party Chairman, Chris Cavey called on legislative leaders to conduct an investigation into whether Delegate Jon Cardin (D-Baltimore County) used his state office in abusing police resources for the delegates marriage proposal stunt.

The Baltimore County Republican Party calls on Democrat leaders to launch an investigation into Delegate Cardins recent conduct, in which this lawmaker diverted police resources to help him propose to his girlfriend, Cavey commented. Its just not enough for Delegate Cardin to say he will repay the costs, and then hope this embarrassing episode goes away.

The inquiry should be conducted by the Joint Committee on Legislative Ethics. It would also be charged with determining whether Del. Cardin abused his “prestige of office” in seeking the police help.

Sadly, this is the third episode in a month that shows how Democrats in Baltimore County are intoxicated with power, Cavey concluded, referencing recent criminal charges filed against two Baltimore County Councilmen. Its time for the citizens to end this partys monopoly on power.