Palin pounces on Obama plan to give Brazil’s state-owned oil company $2 billion for off-shore exploration

by editor on August 20, 2009

$2,000,000,000 to help Brazil's government explore for oil, not a penny for American oil

$2 billion to help Brazil's government explore for oil, not a penny for American oil

We’re used to some strange decisions on the part of the Obama administration, but this one is a doozy.

Why would the United States government give $2 billion of your tax dollars to fund off-shore oil exploration by Brazil’s state-owned oil company, but make it virtually impossible for American companies to explore for oil here?

Sarah Palin flat out nails the hypocrisy on her Facebook page:

Today’s Wall Street Journal contains some puzzling news for all Americans who are impacted by high energy prices and who share the goal of moving us toward energy independence.

For years, states rich with an abundance of oil and natural gas have been begging Washington, DC politicians for the right to develop their own natural resources on federal lands and off shore. Such development would mean good paying jobs here in the United States (with health benefits) and the resulting royalties and taxes would provide money for federal coffers that would potentially off-set the need for higher income taxes, reduce the federal debt and deficits, or even help fund a trillion dollar health care plan if one were so inclined to support such a plan.

So why is it that during these tough times, when we have great needs at home, the Obama White House is prepared to send more than two billion of your hard-earned tax dollars to Brazil so that the nation’s state-owned oil company, Petrobras, can drill off shore and create jobs developing its own resources? That’s all Americans want; but such rational energy development has been continually thwarted by rabid environmentalists, faceless bureaucrats and a seemingly endless parade of lawsuits aimed at shutting down new energy projects.

Palin’s inescapable logic continues:

Buy American is a wonderful slogan, but you can’t say in one breath that you want to strengthen our economy and stimulate it, and then in another ship our much-needed dollars to a nation desperate to drill while depriving us of the same opportunity.

Source: Sarah Palin

{ 20 comments… read them below or add one }

Kris Lee August 20, 2009 at 5:54 pm

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Treehog August 20, 2009 at 6:23 pm

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When the US Government gives money, where exactly do you think it comes from? Pull your head out of the sand.

Dee Mac August 20, 2009 at 6:36 pm

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Directly from the U S Export-Import Bank mission statement – the agency making the “loan”: The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States…We assume credit and country risks that the private sector is unable or unwilling to accept.

So is Palin still and idiot or were you looking in the mirror?

Kris Lee August 20, 2009 at 9:52 pm

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Please read all of the mission statement:

Mission

The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank’s mission is to assist in financing the export of U.S. goods and services to international markets.

Ex-Im Bank enables U.S. companies — large and small — to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.

Ex-Im Bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing. We assume credit and country risks that the private sector is unable or unwilling to accept. We also help to level the playing field for U.S. exporters by matching the financing that other governments provide to their exporters.

Ex-Im Bank provides working capital guarantees (pre-export financing); export credit insurance; and loan guarantees and direct loans (buyer financing). No transaction is too large or too small. On average, 85% of our transactions directly benefit U.S. small businesses.

With more than 70 years of experience, Ex-Im Bank has supported more than $400 billion of U.S. exports, primarily to developing markets worldwide

Also The Export-Import Bank supports the financing of U.S. goods and services, maintaining, and creating more U.S. jobs…

Dee Mac August 21, 2009 at 8:29 am

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Kris,

Read this slowly so it can make sense to you.

The EX-IM is a quasi-public AGENCY like the post office. It is not a private bank, therefore providing a private money source. They do not enjoy the same competition as say UBS does, they do not have to work on narrow margins. They are funded for the loans they write through TAXES! That my dear is what makes Sarah Palin correct. How do you think this country makes loans all over the world that never get repaid?

Thanks for making my point by posting the entire mission statement – You need to read it because it states that it “does not compete with private sector lenders” – Do you not understand what that means?

Kris, next time you want to berate Sarah Palin, do it honestly based on researched fact. Don’t just repeat talking points as many of the authors of said material are not the most reliable. Ok, now you have learned you lesson, by work here is done.

Kris Lee August 21, 2009 at 11:17 am

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You see when you cant explain your point you belittle people and that is not necessary.

In reference to the Ex-IM, “A spokesman for the bank, Phil Cogan, noted that the bank does not rely on tax money and that Palin’s statement ignores the bank’s central function: To lend money to foreign companies for the purchase of American goods and services.”

That was my point, that it was meant to create jobs outside the US for US companies benefits, but I guess you missed that.

“It has to be produced by U.S. workers,” Cogan said. Palin’s statement refers to “creat[ing] jobs and health benefits in the U.S.”

There is your research not talking points. A spirited debate is welcomed not name calling and just being rude.

Pat B August 21, 2009 at 6:51 pm

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Name calling? You mean like “Sarah Palin is an idiot”?

Administrator August 20, 2009 at 8:03 pm

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I understand that there is oil here but until it can be opened for exploration, let the US companies interested go where the money is at.

Until it can be opened for exploration? Would you care to tell me what forces might be stopping that exploration? Could it be you and your ilk?

Kris Lee August 20, 2009 at 9:55 pm

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My ilk, hmmm sounds like a pre-judgement of who I am. Just because I dont like Palin doesnt mean that I dont support drilling for oil in America. I would like to explore and open our reserves to get to it. Obama needs to get this done. Please don’t judge Mr. admin.

Josh Painter August 21, 2009 at 1:34 am

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Kris Lee, if it’s not taxpayer money, where did it come from?

- JP

Keith August 23, 2009 at 5:03 pm

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hey mornon is is tay payer money, and going to his investmetn company, mobil and Exon use there own funds to finance their wells, drink some more cool aid.

what are the chances you do not have a job?

Rj Nagim March 23, 2011 at 5:16 pm

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Hey, Wake TF up!!!! You dumb azz Liberals should be exterminated and or shipped out of what is America and what is left. We do not need you here. You are disgusting liar and weak human being and are in no WAY a AMERICAN. For no AMERICAN would do what you have done. I bet you would also watch your kids, mother , father being killed in front of you and do nothing. This is not the sign of a AMERICAN but a Coward. IT is time for War here in this Country and we will take it back. We cannot wait for them to take the WAr to us. No Liberals Allowed.

editor March 23, 2011 at 5:29 pm

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Anger issues, RJ?

Chris August 20, 2009 at 6:21 pm

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You mean it has NOTHING to do with the fact George Soros has an interest in Petrobas?
http://sweetness-light.com/archive/soros-invests-811m-in-brazilian-oil

And then sold some right before this announcement.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a.V5sgGzdsQY

Diego August 20, 2009 at 8:26 pm

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“the money that was being given out is not taxpayer money but money given out”

Money given out by the government? Reality Check: the government taxes people, or prints it out of thin air thereby devaluing our dollars. Either way it’s a burden on Americans and in this case is going to non-Americans.

“as it should so that US companies have a real fair chance of getting bids for Brazilian off shore Oil.”

Oh, so it’s a government bribe to Brazil. That makes it all better.

“I understand that there is oil here but until it can be opened for exploration, let the US companies interested go where the money is at.”

And how do we open up the oil here for exploration? I betcha that 2 billion dollars would go a HELLA long way towards that goal, and create jobs HERE in the USA to boot. It would almost be like a stimulus. But that’s crazy talk.

Fed Up with Stupidity August 27, 2009 at 6:56 pm

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Kris Lee – are you an idiot!!!!!!!! Where do you think the money comes from? The government isn’t a company which sells a product or service for an income. They get their money from tax payers. Wait a minute – do you pay your taxes? Maybe it isn’t YOUR money.

Sam Costanzo June 22, 2010 at 1:48 pm

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You people are nuts, dishonest like Palin, or both.

Brazil has invited tenders for drilling equipment and supplies. The Export Import Bank has committed $2 billion in LOANS to finance the sale of US MANUFACTURED equipment. Without the financing, the orders would go to Chinese or European suppliers.

Sam Costanzo June 22, 2010 at 1:54 pm

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Charges and facts:

Charge: The U.S. government is giving away more than $2 billion in taxpayer dollars to Brazil’s largest oil and gas company to drill for oil in Brazil.

Fact: The Bank has approved a preliminary commitment to lend up to $2 billion to Petrobras for the purchase of American-made goods and services. The funds will go to American exporters as payment for their sales to the company. Of note, the Bank is self-sustaining and no taxpayer dollars are involved.

Charge: The loans to Petrobras represent a giveaway of U.S. tax dollars.

Fact: The Bank’s activities do not cost the American taxpayer a dime. In fact, since 1992 the American people netted more than $4.9 billion and the jobs those exports created.

Charge: America is exporting jobs to Brazil as a result of the loans.

Fact: Only American made goods and services qualify for Ex-Im Bank loans or guarantees. This is the government doing what it’s supposed to do – helping to create U.S. jobs, making sure that Americans get a fair shot at selling goods and services, and helping American workers compete on a level playing field against foreign competition.

Charge: The loan to Petrobras represents a reversal of the Obama Administration’s policies on off-shore drilling.

Fact: The Bank’s bipartisan Board unanimously approved the preliminary commitment to Petrobras on April 14, 2009, before any Obama appointees joined the Bank. In fact, at the time the Bank’s Board consisted of three Republicans and two Democrats, all of whom were appointed by George W. Bush.

nonkenyan March 24, 2011 at 9:11 am

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Fact: We need to drill for our own oil.
When was the last time you filled your tank? Oh, you probably ride a bicycle to work. Wait, I mean the mall

KimmyQueen June 22, 2010 at 5:52 pm

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Has anyone seen Glenn Beck lately?

This was from last year?! it amazes me! it puts yet another spin on the actual leak itself (it causes) it is just too damn convenient.

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