We are in it deep. Water that is. Bloomberg News reported some very welcome news that Exxon Mobil Corp. won a US deep-water drilling permit for the Gulf of Mexico, becoming the fourth company cleared to work in the largest source of domestic crude after BP Plc's oil spill last year. Perhaps President Obama is expecting a huge political backlash by using US taxpayer money to support drilling in Brazil while millions of Americans are out of work and that could explain the timing of this latest permit.
Obama raised the ire of the U.S. energy industry, unions and jobless Americans everywhere when the President, who has shut down drilling in the Gulf of Mexico, seemed to embrace deep water drilling. Not here, but in Brazil! When Obama promised to create Jobs, I thought he was talking about in America, not Brazil. To help Brazil develop their deepwater quest he is using our hard earned tax payer dollars. The Wall Street Journal reported that, "The U.S. government's export credit agency has authorized $3 billion in financing for Brazil, including $2 billion for the Brazilian government-run oil company, Petroleo Brasileiro SA, or Petrobras." Somewhere investor George Soros must be smiling.
In an OP-Ed with the USA Today the President said, "We'll also work to strengthen our relationship when it comes to energy. Brazil holds recently discovered oil reserves that could be far larger than ours, and as we seek to increase secure-energy supplies, we look forward to developing a strategic energy partnership. We'll also continue our shared leadership in green economic growth and clean energy, including everything from biofuels to renewables such as wind and solar power."
In fact Obama said he was looking forward to importing oil from Brazil. The President said "We want to work with you. We want to help with technology and support to develop these oil reserves safely, and when you're ready to start selling, we want to be one of your best customers."
Running up our deficit so we can be more dependent on foreign oil? The President goes on, "At a time when we've been reminded how easily instability in other parts of the world can affect the price of oil, the United States could not be happier with the potential for a new, stable source of energy."
He wants to work with Brazil, but what about America? Does he not think our companies and workers are worthy? Obama has bashed U.S. oil companies but apparently there is something about a state run oil company that the President just seems to love! In fact he is enchanted with Brazil so much that he said that Brazil was a democracy that the Arab world could look up to. I guess we can blame that on “Rio.”