The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro.
The U.S. Export-Import Bank, an independent Federal Agency (as in US) tells us it has issued a "preliminary commitment" letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount.
From oil to refineries, China is capturing and integrating Latin America as much as it can, securing at least $65 billion in deals throughout the region since 2010. The deals are expected to eventually translate into at least a million barrels of crude oil and refined products per day and growing markets on both sides of the continent.
U.S. Government Loaned Mexican Government More Than $1 Billion to Drill Oil in Gulf of Mexico Last Year; Has $1 Billion More Planned For This Year.
The U.S. Export-Import Bank, an independent federal agency, loaned more than $1 billion to the Mexican state oil company PEMEX in 2009 to support the company's oil drilling in the southern Gulf of Mexico.
Last month, Chinese company Sinopec – Asia's biggest oil refiner – formalized a $7.1 billion contract to buy a 40 percent stake of the integrated Brazilian operations of Repsol, Spain’s biggest energy company.
In 2010, China’s biggest energy companies signed deals to build refineries and pump oil in Venezuela, Cuba, and Brazil and to lease storage tanks in the Caribbean.
So let me get this clear in my mind??
WE will loan and/or give money to Mexico and Brazil to drill oil in the Gulf of Mexico and off the coast of South America.
While all this is going on we have China making deals with Brazil to take the Oil once it is refined will go to China.
So we loan money to Brazil and Mexico, China makes deals with Brazil takes oil to China. We give our dollars to foreign countries. In the mean time I can’t afford to drive to store and buy groceries because prices have risen 10-15% in 6 months.
Why not let US Oil Companies to explore in Alaska, along with oil finds in North and South Dakota, Montana, or along the East and West Coasts, which could be our equivalent of the Tupi oil fields and much much more?
Meanwhile, North Dakota expects to have a surplus of about $700 million in June 2011, the end of its next budget cycle.
And why is North Dakota having a budget surplus? Drilling for Oil!
Why does Alaska have a budget surplus? Drilling for Oil!
Why does Texas have a budget surplus? Business friendly and drilling for oil and gas on and off shore!
Ok! I get it now. It is Obama’s plan to give money to foreign countries so they can create jobs, make money, sell oil to China at a reduced rate because they own part of the oil company, not approve oil drilling in the US and drive up oil cost, food cost, unemployment in the US.
I understand now. Redistribution of Wealth.
It is all in his books.
Michael Mack
An American
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