White House says ‘drill, baby, drill’ – in Brazil
Friday, August 21st, 2009Jim Brown, Onenewsnow
Obama is funding oil development in Brazil with George Soros
An energy analyst says he cannot understand why the Obama administration is borrowing money to lend money to Brazil so it can conduct oil drilling off its eastern coast, yet will not support oil drilling in American waters.
The Wall Street Journal reports that the Obama administration has agreed to lend $2 billion to Brazil’s state-owned oil company, Petrobras, to finance oil exploration off the country’s coast near Rio de Janeiro. The U.S. Export-Import Bank has issued a "preliminary commitment" of $2 billion to Petrobras, but may loan more. Earlier this month, a Brazilian official said the U.S. could provide up to $10 billion for the drilling project.
David Kreutzer is senior policy analyst in energy economics and climate change at The Heritage Foundation. He questions why the United States is not drilling in its own deep-water oil fields.





