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Imperfect World Donating Member (56 posts) Send PM | Profile | Ignore Wed Aug-19-09 08:37 PM
Original message
Obama Underwrites Offshore Drilling
http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html

August 18, 2009

Obama Underwrites Offshore Drilling

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.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 08:40 PM
Response to Original message
1. Cooperating with Brazil because they asked? The horror! nt
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JonQ Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 08:40 PM
Response to Original message
2. Why are we loaning other countries the money to do this
when we refuse to do it here? It's either wrong, in which case it's wrong anywhere. Or it's ok, in which case we should be putting the money in to american hands, not foreign interests.

It's not like we have tons of money to throw around right now.
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Buzz Clik Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 08:41 PM
Response to Reply #2
4. It's really not a matter of right or wrong. It's a matter of choice.
Brazil will be drilling regardless of the presence of our cash.
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JonQ Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 08:46 PM
Response to Reply #4
5. Then why are we loaning them the money to do so?
Offering funding for an activity implies consent to the activity.

Drug dealers will likely sell their drugs regardless, the government might as well take a cut of the action.

Besides, if they are doing it that implies it is profitable at this time to do offshore drilling, in which case we should be getting in on the action rather than helping out our competitors.
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Buzz Clik Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 08:50 PM
Response to Reply #5
6. I don't consider immoral or illegal.
Offshore drilling is happening all around this country and all other countries with such reserves.
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JonQ Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 09:45 PM
Response to Reply #6
7. There was a huge movement to stop offshore drilling here
for environmental reasons. Bush was lambasted in his last few months for opening up much of the coast to offshore drilling, even by people such as obama.

To oppose it here but accept it elsewhere strikes me as hypocritical.

I wasn't criticizing your particular viewpoint, merely that many obama voters would have opposed this measure here, it seems like they should oppose it abroad as well.
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Buzz Clik Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 10:12 PM
Response to Reply #7
8. Exactly. Florida didn't want offshore drilling, they prevented it from happening.
Brazil wants it, they will get it.
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JonQ Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 11:10 PM
Response to Reply #8
9. Apparently it's not merely a local issue:
"But times change, and on Tuesday, the Obama administration - with gas prices roughly half what they were and many Democrats' having been swept into office - blocked offshore drilling plans put in place at the last minute by the Bush administration, including plans to open the national outer continental shelf for drilling. "

That was in February. Apparently if florida wanted or did not want it was not the issue, it was directed by the Whitehouse. I don't see why he's ok with it now, but not before.

And either way, why are we funding foreign exploration for oil when we aren't funding domestic exploration in the same arena?
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Buzz Clik Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-20-09 06:22 AM
Response to Reply #9
10. Your question was answered already.
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JonQ Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-20-09 10:40 AM
Response to Reply #10
11. Not really
you said the Brazilians have it because they want it, we don't because we don't.

All fine and good except for the fact that the people leading the march against it here are the ones bankrolling it there. You see the issue?
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icedini Donating Member (2 posts) Send PM | Profile | Ignore Fri Aug-21-09 06:42 AM
Response to Reply #11
13. Don't forget China
Better than letting China fund them and get the oil. I hope everyone has noticed that China is buying up resources all over the world. America does not have enough oil reserves for our needs even if we drill right up to my mom's backyard.
The way I see it ... better to keep our reserves intact and use up the rest of the world's.
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virgogal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-19-09 08:41 PM
Response to Original message
3. Insanity! eom
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icedini Donating Member (2 posts) Send PM | Profile | Ignore Fri Aug-21-09 06:41 AM
Response to Original message
12. .
Edited on Fri Aug-21-09 06:43 AM by icedini
.
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redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-21-09 12:12 PM
Response to Original message
14. Love the spin... "Obama" himself is loaning this money.
Somehow I doubt that when the administration does anything they agree with, that they follow that same format of attaching his name to it.

Tiring.
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Imperfect World Donating Member (56 posts) Send PM | Profile | Ignore Sun Aug-23-09 04:12 PM
Response to Reply #14
15. Obama is the boss now. Of course he gets the credit/blame.
Just like Bush was for eight years of oil cronyism.
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