via Power Line, an interesting bit of FOLLOW THE MONEY: [rquoter] As we have noted many times, the United States is the only country in the world that deliberately fails to develop its own energy resources. Other than instituting price controls, this is the single most destructive economic policy that a country can pursue, which is why no one does it except us. Brazil has one of the world's most dynamic economies and is pursuing petroleum development on a grand scale. The Washington Post reports: Everything about the shipyard here is colossal -- the 4,000-man workforce, the billions sunk into it in capital costs, the half-finished 10-story-high production platforms. But then, so is the challenge facing Brazil's state-controlled energy company, Petrobras: developing a group of newly discovered deep-sea oil fields that energy analysts say will catapult this country into the ranks of the world's petro-powers. The oil pools are 200 miles out in the Atlantic and more than four miles down, under freezing seas, rock and a heavy cap of salt. Petrobras, which until recently was little known outside oil circles, has launched a five-year, $174 billion project to provide platforms, rigs, support vessels and drilling systems to develop tens of billions of barrels of oil. Energy officials here project that Brazil -- still an oil importer five years ago -- will in the next decade have one of the world's biggest oil reserves. It doesn't take a genius to figure out that if our government pursues policies intended to slow our economic growth, and Brazil pursues policies designed to accelerate its economic growth, before long Brazil will be richer than the U.S. What's really interesting here, however, is the identity of one of Petrobras's biggest shareholders: With a market capitalization of more than $220 billion, Petrobras is one of the world's 10 biggest companies. Over the past two years, it has been the most frequently traded foreign company on the New York Stock Exchange, trade data show. Among investors bullish on Petrobras is George Soros, who last year made the oil company the largest single holding in his investment fund, according to Bloomberg. That's right: the Godfather of the Democratic Party, who exerts his enormous political influence to prevent American oil companies from developing our own petroleum resources in the Gulf of Mexico and elsewhere, has placed his biggest bet--not on the United States, but on Brazil. If Exxon Mobil can't compete in the Caribbean with Petrobras, the value of Soros's Petrobras investment will skyrocket. That's the sort of thievery that lies behind the Democratic Party's deliberate hobbling of the American economy.[/rquoter]
This is why it's not worth reading the articles that basso posts - aside from the fact that it's him who is posting them. I read the article, I don't know why. This is the logical thread of the article: Phase 1: limit offshore drilling in the coastal US Phase 2: PBR has deepwater south atlantic oil wells Phase 3: Soros Fund invests in PBR Phase 4: ?????? Phase 5: PROFITS /thread
So much fail in this article it isn't even funny. First of all how are we preventing companies from developing our own energy sources. that is a bogus outlandish claim. states like california and florida don't want drilling off their shores. should the federal government be in the business of telling these states what to do? secondly, and this is really hilarious, maybe you actually like the government bailing out companies like GM because if you read the article you posted you would know that Petrobras main shareholder is the Brazilian government. is that what you want? do you want the government to take over exxon mobil? so maybe you don't have a problem with a public option health insurance program? lastly, George Soros invested heavily in Petrobras after his influence over the Democrats preventing drilling in this country? Where are companies being prevented from drilling in the gulf of mexico and how was that influenced by Soros? yet we still don't know who met with dick cheney on US Energy policy before marching into Iraq on faulty evidence of WMD. laughable
this is all part of obama's plan to destroy america. this is why it is so important to that we verify that birth certificate
I'm glad I'm not the only one who noticed how full of crap that article is. Blatant lies or piss poor journalism. Take your pick basso.
the point of the article, and the reason for my posting it, is to highlight differences in US energy policy and that of other energy-rich countries. Brazil for instances chooses to develop it's resources. we seem to prefer importing our energy needs. there's an impact on the economy. in the current economic environment, where government funds are being made available for all sorts of enterprises, providing funding for the development of known oil reserves would provide an immediate boost in jobs, and in the longer term, a boost to the economy with cheaper energy prices- not to mention the boost to national security with the concurrent lessening of our dependence on foreign oil producers. and you wouldn't even have to provide government funding- you could just relax the rules so private oil companies could drill. but, you'd have to have a government interested in effective energy policy, not posturing. i can think of one politician who gets that, and it ain't this dude.
This is the part of the class where the teacher takes the stupid child, and asks him to describe precisely the difference between the Brazililan state oil company's deep sea drilling operations referenced - and the US' coastal drilling policy? Read that last sentence very carefully. Otherwise it's an interesting parallel - Hey they have piranhas in Brazil and we have beavers in ponds somewhere. - I just want to highlight that for you. I bet it's interesting.
Basso, is there no energy development here in the US LOL, Basso thinks Exxon Mobil needs capital from our government basso, you have no idea what you're talking about. there are plenty of independent oil producers right here in the good ol usa, and if you think that opening up drilling in restricted areas is going to provide an immediate boost, well, you obviously don't know much about the oil industry
again, your reading comprehension seems to fail you, as it does your confrere above. reread, then please respond.
the only thing I may have been unfair about is that you think this is a long term investment. so do us a favor before posting again, let us know what percentage of available leases in the gulf for oil exploration is actually being used by the oil companies being held down by Obama the man. TIA
This is the part of the class where the teacher takes the stupid child, and asks him to describe precisely the difference between the Brazililan state oil company's deep sea drilling operations referenced - and the US' coastal drilling policy? Read that last sentence very carefully.
i wan't necessarily talking about Obama per se, but about the government generally, although as i recall, this was a bit of a campaign issue last fall.
Don't pay attention to Harry Reid's comments and read the numbers at the bottom of this report This is a red herring that should have been dead and burried after last year's campaign. Two particular points, and the sources of these numbers are referenced in the documents. 21% of available offshore leases are currently being used. 79% of proven reserves are currently available to the industry.
hard for me to take seriously the report of a guy who thinks opponents of his health care bill are the equivalent of slave owners.
so you just totally ignored where those numbers come from? thanks for playing I tried to respond seriously