Sunday, August 23, 2009

US Funding Brazil Oil Jobs - Why Not US? (See Update 10/1/09)

The U.S. Ex-Im Bank is set to either guarantee or loan $2 billion to Brazil's state-owned oil company for development of their offshore Tupi oil field. Granted this could create jobs in the U.S. for the manufacturing of equipment used in the development of the Tupi fields and we would have a more friendly place to buy the oil we so desperately need.

The question Ms. Palin has, and rightly so, is why we cannot use the money to develop our own fields in Alaska or off the East and West coasts of the U.S., which reserves are every bit as large as the Tupi oil field. Or possibly use the money to support small businesses that could expand and create even more jobs.

There may be a number of good reasons to loan the $2 billion to Brazil. However, there is no good reason to continue to prohibit oil drilling and shale oil extraction in the U.S. We could buy oil from ourselves, keep the money here, and correct the foreign balance of payment deficit.

Why not? Obama is in bed with the radical environmentalists. Votes he can count on.

Obama Underwrites Offshore Drilling

US Agency To Spend Billions To Create Jobs In Brazil

Brazil Loan Helps U.S. Manufacturers

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