Hussein Obama drills for oil............

[ALPHAGRIZ1]

In Brazil.

Thanks for helping out the USA bro.

http://michellemalkin.com/2009/08/19/ob ... standards/

[Gil Dobie]

Brazil may be the next Saudi Arabia

WSJ Link

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.

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.

[Wildcat Ryan]

He only did it so that his little Liberal buddie Geroge Soros would keep giving him money.

The Bastard.

[Appaholic]

There's plenty to complain about with Obama.....but this ain't it....the US Import-Export Bank approved the loans for exploration of oil (not in Middle East) next door to Venezuela....so that's a bad thing?

We'll admit that, on first blush, spending such money overseas when we've got plenty at home sounds a little questionable. But the investment has both practical and strategic benefits for our energy security.

First, the U.S. money is a loan, and Brazil has excellent credit with an investment-grade BBB sovereign rating and a record of responsible borrowing. Whatever we loan the Brazilians will be paid back on time and with interest.

Second, the cash will encourage Brazil's state oil company, Petrobras, to contract with American businesses. And we aren't just talking about oil companies, but software, steel, research, environmental impact and engineering concerns, to name a few others.

Third, drilling new offshore discoveries in Brazil's Tupi field is an epic project in its own right. Cutting through 10 miles of ultrahard salt amid wild temperature fluctuations to extract as much as 40 billion barrels of oil, maybe more, is a grand project.

It will create technological breakthroughs not seen since the space program, and qualifies as a great engineering feat. Along with the 1,712-mile natural gas pipeline to be constructed from Alaska to the lower 48, it ought to stir America's imagination to continue to break new frontiers.

When the strategic factors are brought into place, the benefits become very obvious. Four stand out.

First, the project will counteract a $10 billion Chinese investment that would otherwise make China the biggest investment player in Brazilian oil. Last March, the Chinese national oil company also offered the Brazilians $10 billion on the same project, which all told will require $30 billion in capital.

Now, it won't be just China calling the shots. And besides, our technology and way of operating are superior.

Second, it will put more oil on the global market, ensuring that energy crises and soaring crude prices won't keep whipsawing the world economy. Oil is fungible in a global market, and it doesn't matter who buys Brazil's oil. With more supply, prices should go down.

Third, the project will bring the U.S. and Brazil closer -- a foreign policy goal. But there are also personalities here that are pretty fortuitous for ensuring success. The Obama administration has named Tom Shannon, former assistant secretary of state for western hemisphere affairs, as U.S. ambassador to Brazil. On policy, Shannon is a heavyweight and will ensure that U.S.-Brazil relations advance.

Fourth, new oil on the market will break the back of the region's leading troublemaker, Hugo Chavez. Venezuela sits on 100 million barrels of oil, and Chavez intends to rule for a long time. Developing Brazil's energy will give the socialist autocrat the one thing he fears -- competition.

Venezuela is now America's No. 2 oil supplier (having passed up Mexico and Saudi Arabia), providing us with 1 million barrels a day. If we could buy from Brazil instead, he may be history.

http://finance.yahoo.com/news/Lend-10-B ... d=pf-taxes

[Gil Dobie]

It's not about it being good or bad. It's against the principles of Eco-Donkunism. All the bashing of Bush and McCain about drilling, and the hypocrites give a pass for Obama. Brazil drilling for oil is no safer or environmentally safer than drilling off the coast of the USA. As stated above, political backer Soros gets his dividends from Petrobras (Haliburton anyone).

[UNI88]

I think the Who said it best ...

"Meet the new boss
Same as the old boss"

Change we can believe in!

"Don't get fooled again"

[Appaholic]

It's not about it being good or bad. It's against the principles of Eco-Donkunism. All the bashing of Bush and McCain about drilling, and the hypocrites give a pass for Obama. Brazil drilling for oil is no safer or environmentally safer than drilling off the coast of the USA. As stated above, political backer Soros gets his dividends from Petrobras (Haliburton anyone).

I don't disagree with your analysis....

[Appaholic]

I think the Who said it best ...

"Meet the new boss
Same as the old boss"

Change we can believe in!

"Don't get fooled again"

....nor your analysis either.

[bandl]

Fourth, new oil on the market will break the back of the region's leading troublemaker, Hugo Chavez. Venezuela sits on 100 million barrels of oil, and Chavez intends to rule for a long time. Developing Brazil's energy will give the socialist autocrat the one thing he fears -- competition.

Venezuela is now America's No. 2 oil supplier (having passed up Mexico and Saudi Arabia), providing us with 1 million barrels a day. If we could buy from Brazil instead, he may be history.[/i]

http://finance.yahoo.com/news/Lend-10-B ... d=pf-taxes

Something doesn't seem right here....does this mean that if we just wait it out 100 days Venezuela will be out of oil? Alright!!!

[Appaholic]

Fourth, new oil on the market will break the back of the region's leading troublemaker, Hugo Chavez. Venezuela sits on 100 million barrels of oil, and Chavez intends to rule for a long time. Developing Brazil's energy will give the socialist autocrat the one thing he fears -- competition.

Venezuela is now America's No. 2 oil supplier (having passed up Mexico and Saudi Arabia), providing us with 1 million barrels a day. If we could buy from Brazil instead, he may be history.[/i]

http://finance.yahoo.com/news/Lend-10-B ... d=pf-taxes

Something doesn't seem right here....does this mean that if we just wait it out 100 days Venezuela will be out of oil? Alright!!!

Not cool bandl....you're actually reading...

[bobbythekidd]

I think they mean 100 million barrels already pumped out of the ground and ready to export. A 100 day buffer, if you will.

[bandl]

I think they mean 100 million barrels already pumped out of the ground and ready to export. A 100 day buffer, if you will.

Damn you Robert, why can't you just go with it...

[AZGrizFan]

I think they mean 100 million barrels already pumped out of the ground and ready to export. A 100 day buffer, if you will.

Damn you Robert, why can't you just go with it...

bobby's kind of a dick that way.

[UNI88]

I think they mean 100 million barrels already pumped out of the ground and ready to export. A 100 day buffer, if you will.

Damn you Robert, why can't you just go with it...

It's Bob Dammit!