Aug 23, 2009

U.S. Loans Billions for Oil Exploration



According to a Wall Street Journal report the United States is going to lend billions of dollars to finance offshore drilling. But there’s a hitch; the recipient is Petrobras, a Brazilian oil producer who is one of the worlds largest energy producers and one of the worlds most profitable companies. There is a possibility that the U.S. would increase the loan to as much as $10 billion over time.

Why are U.S. tax dollars going to secure a loan to a non-U.S. company for oil exploration?

Why isn’t the U.S. supporting off shore drilling off of our own coast?

Why are U.S. tax dollars securing a massive loan to a foreign company who is fully capable of financing this operation?

 
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