In an article posted at Power Line yesterday, John Hinderaker pointed out, "The United States is the only country in the world that deliberately fails to develop its own energy resources. Other than instituting price controls, this is the single most destructive economic policy that a country can pursue, which is why no one does it except us."
So what is happening here and why? Mr. Hinderaker points out that Brazil has a dynamic and growing economy and is pursuing oil production at a rapid pace.
Yesterday's Washington Post reported:
"Petrobras, which until recently was little known outside oil circles, has launched a five-year, $174 billion project to provide platforms, rigs, support vessels and drilling systems to develop tens of billions of barrels of oil. Energy officials here project that Brazil -- still an oil importer five years ago -- will in the next decade have one of the world's biggest oil reserves."
Who are the investors in Petrobras? According to the Washington Post:
"Among investors bullish on Petrobras is George Soros, who last year made the oil company the largest single holding in his investment fund, according to Bloomberg."
This is how the scenario works. If America can be prevented from developing her energy sources (regardless of what the 'green' movement is doing, we are a carbon-based society), we will be forced to buy oil and petroleum products from other countries. This cripples our economy while making the major moneyman of the Democrat party a very rich man.
We need to develop our own energy resources both for economic and security reasons. If we don't, all of us will be living in a third world country in a very short time.
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