Posted on 01/26/2009 6:22:09 PM PST by Kaslin
Stimulus: Brazil, a leader in the use of biofuels such as ethanol and in the face of falling oil prices, still plans to spend huge sums to expand its offshore oil resources. Drilling rigs are infrastructure too.
As the U.S. seeks to get its economy going by building roads, bridges and bicycle paths, Brazil has decided to create jobs and move toward energy independence by investing in its energy infrastructure and the liquid gold that lies just off its pristine beaches.
Brazil's state-owned energy giant, Petrobras, announced on Friday that it plans to spend $174.4 billion on developing its huge recent offshore oil finds through 2013. A $28.6 billion spending plan for this year will be financed in part on loans from Brazil's state development bank.
"This is not a rescue," Petrobras CEO Jose Sergio Gabrielli told reporters in Rio de Janeiro. "This is very different than what is happening in other countries. This is not a bailout."
No indeed. It's an investment that fosters energy independence, keeps Brazil's energy dollars at home and creates jobs.
(Excerpt) Read more at ibdeditorials.com ...
Yes, state-owned oil companies can spent public funds to finance drilling projects when the price of oil is low. However, in the U.S. we do not have state owned oil companies and therefore E&P companies and oil field services companies must operate in the free market, without having the tax payer subsidize our work in a down economy.
However, if you want the U.S. to be like Brazil, I am sure Barry, Nancy and Harry will be more than happy to nationalize the oil industry.
Obama/Pelosi are being passed by a Turd World Country. Way to go Hussain.
Pray for America, Our Troops and Ob’s Guidance
The new congress will kill the newly approved offshore drilling bill and it will go away so we need to get back to pushing all involved understand that we cannot be dependent on foreign oil and allow a windfall tax on the oil companies. (I got a letter from Boxer and she took pride in the fact that she sponsored that bill)
Save the offshore drilling and Help Sarah open anwr
Its all about National Defense, Drill for Oil Now
Needless to say I don't hate liberals, I despise 'em
We are already worse than Brazil.
At least abortion is not legal there, with the following two exceptions:
1. Pregnancy threatens the LIFE of the mother
2. Pregnancy is the result of rape
I’m still against abortion in *ALL* cases, but Brazil is ahead of us on this one.
Let private industry rule!
The fact is, that if you want to Drill Here and Drill Now, you will have to Pay More.
And when the price of oil reaches $85.00 to $90.00 a barrel we will drill here, but until then domestic drilling is not going to expand.
Why does Petrobas need loan guarantees to pursue its exploration? As the WSJ notes, it is a very large corporation, which should have the resources to get to the oil on its own. Obama, who has ripped American corporations for their supposed subsidies in American tax policy, now wants to use an empty Treasury to give cash to a Brazilian oil company.
Is it a coincidence that Obama backer George Soros repositioned himself in Petrobras to get dividends just a few days before Obama committed $2 billion in loans and guarantees for Petrobras’ offshore operations? Hmmmmmmmmmm.
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