Obama underwrites off shore oil drilling in BRAZIL. This is a perfect example why I refrain from watching the news on ABC, NBC, CBS, or MSNBC. Today on a segment of the "Glen Beck Show" on FOX (Fox Cable News) was the following:
"even though President Obama is against off shore drilling for our country, he signed an executive order to loan 2 Billion of our taxpayers dollars to a Brazilian Oil Exploration Company (which is the 8th largest company in the entire world) to drill for oil off the coast of Brazil ! The oil that comes from this operation is for the sole purpose and use of China and NOT THE USA!
Now here's the real clincher...the Chinese government is under contract to purchase all the oil that this oil field will produce, which is hundreds of millions of barrels of oil". We have absolutely no gain from this transaction whatsoever!
Wait, it gets more interesting. Guess who is the largest individual stockholder of this Brazilian Oil Company and who would benefit most from this? It is American BILLIONAIRE, George Soros, who was one of President Obama's most generous financial supporter during his campaign.
If you are able to connect the dots and follow the money, you are probably as upset as I am. Not a word of this transaction was broadcast on any of the other news networks!
Below is the Wall street Journal article to confirm this.