Obama to Spend Billions on Oil Exploration…In Brazil

That’s right, the Wall Street Journal reports, $2 billion of your tax dollars will soon be going to the state-owned Brazilian oil company, Petrobras so they can explore the off-shore Tupi oil field in the Santos Basin. The WSJ wrote, “The U.S. Export-Import Bank tells us it has issued a ‘preliminary commitment’ letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount.” This money will come either in the form of a direct loan or loan guarantees. One might look at the massive national dept, suffering economy, failing Post Office, failing Cash For Clunkers program, billions for bailouts, billions for ‘stimulus,’ and the fact that we already had to work until August 12th this year just to pay for the current costs of government, and ask “How can we afford to pay Brazil to do something we don’t even allow in our own country?”...ATR