Critics say offshore drilling better if done in U.S.
Americans frustrated by escalating gasoline prices at home may have been shocked to learn that Obama is partnering with Brazil to help finance and develop that nation's off-shore oil resources. An Investor's Business Daily analysis appears baffled by what some perceive as the Obama regime's unwillingness to allow development of American offshore oil resources in light of the new energy cooperation Obama has committed in support of Brazil's Marxist regime.
US will pay to develop and then buy Brazilian oil
Obama has proposed that U.S. taxpayers will finance Brazil's offshore oil development program and then buy the same oil that they paid to help Brazil produce. Although the move has stunned some in the media, the move is nothing new.
As recently as August 2009, the Obama regime has been working on financing Petrobas' offshore drilling efforts through billions of dollars in taxpayer-funded loans. In light of domestic drilling bans and regulatory reviews, it appeared to The Wall Street Journal at that time that Obama was all for drilling for oil as long as it is not done by American companies in U.S. jurisdictions.
The new agreement between the Obama regime and Brazil expands American assistance for offfshore oil drilling even further by providing additional technology and purchasing committments . The Investor's Business Daily article questioned why Obama believes that financing Brazilian oil discoveries and then purchasing much of the oil they pump addresses the American need for "secure energy supplies."
Some Americans may think that developing oil off the coast of the United States, in Alaska, and in the Midwest would seem to be the most practical and secure source of oil because it would be under American control and would also employ Americans rather than Brazilians.
Oil pipeline on hold
A "shovel-ready" project, a proposed oil pipeline from Alberta to Houston, is on hold by the Obama regime, holding an estimated 13,000 jobs at bay and preventing a dramatic improvement in supply that could help drive down oil and gasoline prices.
Republican opposition
Apparently bewildered by the recent developments between Obama and Brazil, the Republican-led House of Representatives is working to make the regime's contradictory energy policies a political issue.
The Hill details growing Republican frustration over the regime's current oil policies, although it also reports some signs that new domestic oil projects may begin soon.
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