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View Full Version : The truth on Obama's support of shore oil drilling



LWW
04-05-2010, 09:44 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Much criticism over the fact that President Obama agreed to give Brazilian Owned Oil Company Petrobras up to $10 Billion Dollars to look for Oil off the Brazil Coast. This was especially disturbing when you consider that they Administration objects to the US Drilling off its own coast, which will work toward keeping the price of oil low and help wean us off foreign oil.

Why would the POTUS pay for a foreign country to drill for oil but object to his own country taking advantage of his own country's resources? <span style='font-size: 17pt'>Payback.</span>

Last week Hot Air discovered that "coincidentally" just a few days before the announcement of the US Oil Exploration Aid, Friend of Barack, George Soros, set himself up to make a lot more money from Brazilian Oil Exploration:

His New York-based hedge-fund firm, <span style='font-size: 14pt'>Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras, as the Brazilian oil company is known, according to a filing today with the U.S. Securities and Exchange Commission. Soros bought 5.8 million of the companyís U.S.-traded preferred shares.</span>

Soros is taking advantage of the spread between the two types of U.S.-listed Petrobras shares, said Luis Maizel, president of LM Capital Group LLC, which manages about $4 billion. ...

... NICE! Making money on the spread, and putting himself in a position to make more money from higher dividends just before all the big bucks "donation" from President Obama. Soros must be master of the deal or Obama is the master of the quid quo pro.

President Obama is adept at rewarding those who put him into office. And hard-left financier George Soros is emerging as a leader of the patronage pack.

A payback to Soros was due. As the chief moneyman behind left-wing political action committees like MoveOn.org, Soros, an early supporter of Obama, played an instrumental role in drumming up voter mobilization and political advertising on the novice candidateís behalf. In no small part, Obamaís triumph in the Democratic primary over better-known rivals was a testament to Sorosís deep pockets and his political commitment.

Now itís time for Soros to collect on his investment. The Wall Street Journal recently reported that the Obama administration has committed up to $10 billion to Brazilís state-owned oil company Petrobras to finance oil exploration off of Brazilís coast. ...

... The president has elected to help another nation with the same type of drilling that he opposes so vehemently for this country, and the reason seems to be Sorosís $811-millon investment in Petrobras. The company just happens to be the largest holding in Sorosís investment fund. Sorosís connection to the company is no secret; he has been investing in Petrobras since 2007. A profitable venture, Petrobras has estimated recoverable reserves for the so-called Tupi oil field of between 5 and 8 billion barrels. With his billion-dollar loan, Obama has taken patronage politics to striking new level.

The Petrobras loan may be a windfall for Soros and Brazil, but <span style='font-size: 14pt'>it is a bad deal for the US. The administration is prepared to lend up to $10 billion to a foreign company to drill off its coast, when it could bring in $1.7 trillion in government revenue, as well as create thousands of new jobs, by allowing drilling off the coast of the United States. </span>

This is no empty speculation. The American Petroleum Institute estimates that oil exploration in the U.S. could create 160,000 new, well-paying jobs, as well as $1.7 trillion in revenues to federal, state, and local governments, all while fostering greater energy security. Federal data from the Minerals Management Service of the U.S. Department of Interior says the U.S. has enough oil and natural gas to fuel more than 65 million cars for 60 years, and enough natural gas to heat 60 million homes for 160 years. In fact, the government estimates that there are 30 billion barrels of undiscovered technically recoverable oil on federal lands currently closed to development. <span style='font-size: 17pt'>But rather than investing in the countryís energy future, the administration seems to be offering an expensive kickback to a political ally in a time of economic recession and high unemployment.</span> ...

... The cozy Soros-Obama alliance goes beyond favorable oil deals. Itís also playing a role in the health care debate. Huge demonstrations dedicated to enacting Obamaís universal health care are largely a Soros-financed operation. When tens of thousands of people rallied in the nationís capital in support of Obamaís health care plan, the demonstrations were organized by Health Care for America Now! (HCAN), a new national grassroots movement of more than 1,000 organizations in 46 states encompassing 30 million people dedicated to winning health reform now.

The ďgrassrootsĒ organization appears to be more like a gang of interconnected ultra-liberal pressure groups. Among the 21 members of its steering committee are such Soros-funded groups as ACORN, MoveOn.org, and the Center for American Progress (CAP), headed by Clinton former chief of staff John Podesta, who also has been a key adviser to Obama. Sorosís charity, the Open Society Institute, in 2007 gave CAP $1.75 million and approved added grants of $1.25 million.

<span style='font-size: 26pt'>Obamaís collusion with Soros and his agenda-driven squadrons is an unfortunate turn from an administration that entered office promising unprecedented transparency in the White House. Soros certainly did his share for Obama. Now, with his backing for a billion-dollar oil loan to a Brazilian company, the president has proven more generous to Soros than to the American voters who put him in office.</span> </div></div>

&gt;&gt;&gt;ODDLY NO PROTESTS FROM THE LEFT&lt;&lt;&lt; (http://www.americanthinker.com/blog/2008/08/rank_hypocrisy_from_george_sor.html)

&gt;&gt;&gt;OH MY&lt;&lt;&lt; (http://yidwithlid.blogspot.com/2009/09/why-obama-gave-billions-to-brazil-for.html)

&gt;&gt;&gt;OH DEAR&lt;&lt;&lt; (http://hotair.com/archives/2009/08/18/good-news-obama-backs-off-shore-drilling/)

LWW

pooltchr
04-05-2010, 10:47 AM
No Change....no hope!

The lefties around here spent 8 years calling the last administration corrupt, and will defend this activity as
"necessary" to help the economy.

Either that, or they will once again just respond "But Bush..."

Steve

LWW
04-05-2010, 10:56 AM
You forgot the incessant bleat that Bush did everything enrich his oil holdings ... of which he had none ... and oil buddies.

The regime knows that they hold deed to the souls of the American left and can tell them whatever they want them to believe with full confidence they will lick the spoon clean and beg for more.

LWW

pooltchr
04-05-2010, 11:24 AM
http://en.wikipedia.org/wiki/File:Dickens_oliver_twist.gif

Steve