Brazil Seeks More Control of Offshore Oil Development

A recent news item told of Brazil’s efforts to develop the known oil reserves off its coast. In the article one found that the Export Import Bank would be providing two billion dollars to companies working in the Brazilian oilfields. The ignorant immediately began raving about “taxpayer dollars” going to other countries. Update Petrobras now saying it may borrow FIVE billion.

I do love how the little parrots follow the party line

U.S. Loan to Brazilian Oil Company Riles Conservatives in Favor of Offshore Drilling

former Alaska Gov. Sarah Palin, a vocal proponent of offshore drilling, had plenty to say.

“So why is it that during these tough times, when we have great needs at home, the Obama White House is prepared to send more than $2 billion of your hard-earned tax dollars to Brazil so that the nation’s state-owned oil company, Petrobas, can drill off shore and create jobs developing its own resources?” she asked on her Facebook page.

Now the above came from the normally reliable rightwing source FoxNews but if one continues to read the article, an adult will happen upon this:

In fact, the Export-Import bank receives no appropriations from Congress and thus does not rely on American taxpayer dollars and is also not “sending” $2 billion to the Brazilian company but offering lines of credit to U.S. firms so they can compete to land contracts as part of Petrobras’ drilling operations. –

Also one should note the primary purpose of Ex-Im Bank loans: To lend money to foreign companies for the purchase of American goods and services.

So, keep on complaining about “my taxes going to Soros” and the rest of us will laugh quietly as we talk about those strange folks who think Sarah Palin is a reliable source and a sure fire winner.


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