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More "Change" at work for you!
http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html
Obama Underwrites Offshore Drilling 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. |
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Things that make you go hmmmmmmmm.
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#3
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Sounds good to me. Let's buy our oil from friendly countries, and save our own oil for the day when it will be much more valuable than it is now.
The Bush brothers, Jeb and Dubya, substantially reduced the size of the Gulf leases let by the Clinton administration because the oil and gas drilling could jeopardize the lucrative tourist trade in Florida. |
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There's plenty of available offshore areas for them to drill here. They just don't want to. They don't like the cost.
god I love the WSJ. Can Alaska be any further from the outer con. shelf of Gulf of Mexico and still be on earth?
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1984 300TD |
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Friendly today is not friendly tomorrow. It takes YEARS to develop offshore fields and get them online, especially deepwater.
Both Bushes sold out the industry. The oil biz DOES NOT operate on the premise of the oil being worth more tomorrow and therefore we won't start programs to develop it. You go for it NOW. Stockholders won't wait. You have to remember, it has to be discovered first. Quote:
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MB-less |
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You, of course, realize that the stockholders are tens of millions of Americans who own mutual funds, IRAs, 529s, pension funds, and stocks in these large corporations, and those large corporations are funding their growth and the American lifestyle/retirements by paying dividends to those stockholders who "can go screw themselves"? If you have mutual funds, or your parents have mutual funds, then they are more than likely owners as well.
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- Brian 1989 500SEL Euro 1966 250SE Cabriolet 1958 BMW Isetta 600 |
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Besides the oil companies are making record profits without using up our domestic supplies. |
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Take the following sentence from the posted article: Quote:
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Good grief. These people never miss an opportunity to make the President look bad. They have no integrity. |
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1987 560SL 85,000 miles Meet on the level, leave on the square. Great words to live by Were we directed from Washington when to sow and when to reap, we should soon want bread. - Thomas Jefferson: Autobiography, 1821.
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How can it be - there's only the wacko liberal media.
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1984 300TD |
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For about the first 5 or 6 years of his administration, the media did more than take it easy on Bush. They printed his propaganda on their front pages as if it were the gospel truth. Once they figured out that it was in style to bash him, they jumped to the other side. Bush earned his bad press. Obama is getting his for free, right from the start. |
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"It's normal for these things to empty your wallet and break your heart in the process." 2012 SLK 350 1987 420 SEL |
#14
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"Why's everybody always pickin on Obama?"
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“Americans are right to wonder why Mr. Obama is underwriting in Brazil what he won't allow at home.” Clearly the theme of the article is that the US Government supporting the development of foreign hydrocarbon infrastructure and capacity while at the say time failing to do the same here. The fundamental question is should the government of the US expend it’s energy to develop better competitors domestically or in foreign places? How is this not more of the same "exploitation of little brown people for their natural treasure" liberals’ harangue about every day? How is facilitating the development of "the global warming industrial pollution complex" off the beach at Impanema "responsible"? Green? Not killing polar bears by proxy? The IEB loan guarantees while benefiting some specific US firms in the short term are counterproductive in the long term. If there was an expanding hydrocarbon exploration and development industry domestically not only would the aforementioned firms be benefitting but many others would as well. Lao Tzu- quoted, "Give a man a fish; feed him for a day. Teach a man to fish; feed him for a lifetime", which has a wonderful analogy with the modern world of management today. Oh yeah, Roger, Bill and Glen send their thanks for the props! |
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My guess is that Brazil will drill regardless of what we do. Might as well steer the business to our companies. IMHO. Quote:
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