Just not in the U.S. .... From Casey Research,
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How to explain, therefore, the decision of the Obama administration to lend $2 billion, and maybe more, to the state-owned Brazilian oil company so that it can further explore that country’s very deep, very challenging, and very expensive new offshore oil fields? Using our money, Brazil hopes to succeed in moving up in the ranks of foreign-controlled state oil draining the U.S. of its tangible wealth. I am sure that the Obama administration figures these loans will put us in the catbird seat when the time comes to negotiate for the lion’s share of the oil, but that ignores history. As administrations change here in the U.S., so do they change in Brazil. Who is to say that -- if and when the Brazilian offshore fields are up and running -- the Chinese won’t simply step in and use a slice of their reserves of hundreds of billions of dollars to trump us? Money can’t buy you love, and it can’t buy the unswerving fealty of a sovereign state.
So much for energy independence.
You can read a commentary on this latest example of your tax dollars at work -- for someone else -- by clicking here.
