Obama Funds Offshore Drilling!
August 18, 2009
Sadly, the drilling won’t benefit U.S. citizens since it will be taking place in Brazil. Confused? The Wall Street Journal is reporting that the U.S. government has signed a $2 billion commitment letter to Petrobras (the state-owned Brazilian oil company) to fund oil exploration in Brazil’s Tupi oil field near Rio. Ouch. WSJ notes, “this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.” Here, here. What is wrong with us? Why are we so stupid?
DRILL ‘THERE’ NOW?
Why not take the $2 billion and start building a nuclear reactor in the US? At least it would be a capital improvement my kids could enjoy (since they are going to be paying for it anyway).
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