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article imageOp-Ed: Obama commits to off-shore drilling

By Larry Clifton     Aug 20, 2009 in Politics
After consistently opposing drilling for oil and gas, Barack Obama ultimately decided to literally buy into off-shore drilling and has committed billions of U.S. taxpayer’s dollars to the cause.
While this may seem like a good thing considering the immense and rising percentage of crude the U.S. is forced to float across the oceans in foreign-flagged ships from the Middle East through pirate-infested regions, there is a problem.
Turns out Obama is going to lend billions of taxpayer’s deficit 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.
Sweet deal, you say? Not really. Should one estimate the tens of millions spent by Soros on behalf of Obama and the Democratic Party, Soros is only asking the Democrats for what is due him. The problem is that Obama and the Democrats are using your money to pay Soros, and if you happen not to support off-shore drilling for crude or (God forbid) you are Republican or a conservative, you still have to pay Mr. Soros, courtesy of Barack Obama.
George Soros indirectly underwrote much of Obama’s campaign, not to mention spending tens of millions to help get Democratic Party candidates elected since 2000. Unfortunately, since Obama is using taxpayer dollars to fund the Brazilian off-shore drilling project – we all must financially support the Democratic Party. What a country!
Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund's largest holding. Now, had George W. Bush concocted this off-shore drilling arrangement with, say, anyone, The Pelosi-led House would be screaming for an investigation after she had convicted him of sins against the planet and our nation during several press conferences. Now you know that’s right.
According to an article in the Bloomberg Press dated August 15, as of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 percent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management LLC, according to a filing with the U.S. Securities and Exchange Commission. Petrobras has since slumped 28 percent.
In a Wall Street Journal editorial article dated August 18, the editor laments, “If President Obama has embraced offshore drilling in Brazil, why not in the old U.S.A.? The land of the sorta free and the home of the heavily indebted has enormous offshore oil deposits, and last year ahead of the November elections, with gasoline at $4 a gallon, Congress let a ban on offshore drilling expire . . .”
Seven months into his term, Barack Obama’s administration seems to be running out of gas when it comes to driving home credible records on his pledge to reduce deficit spending and his promise of ethical governance.
Perhaps this Soros payback (with billions of taxpayer dollars being gifted to Soros to drill for off-shore oil) is just another clunker compared to his world-record first-year deficit of more than $1.5 trillion. Even so, taxpayers need to understand that they are now financing the Democratic Party and Obama with their children’s money.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of
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