Hot Air posted an article today about the status of the oil exploration that the Obama Administration loaned Brazil’s oil company Petrobras $2 billion to support.
President Obama stated at the time the money was given to Brazil:
“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.”
At the same time the President was giving the $2 billion for Brazilian oil exploration, he was drastically slowing down leasing and permitting in the US and whining about “subsides” to US oil corporations. It was okay to subsidize Brazilian companies doing oil exploration, but for some reason it was not okay to subsidize American oil companies.
The article points out:
The country’s state-controlled oil company, Petrobras, expects to pump 4.9 million barrels a day from the country’s oil fields by 2020, with 40 percent of that coming from the seabed. One and a half million barrels will be bound for export markets.
The United States wants it, but China is getting it.
Less than a month after President Obama visited Brazil in March to make a pitch for oil, Brazilian President Dilma Rousseff was off to Beijing to sign oil contracts with two huge state-owned Chinese companies.
This is not good news. When America has a weak President, bad things happen.