Energy Policy in Brazil

Investors - Energy Policy: While leaving U.S. oil and jobs in the ground, our itinerant president tells a South American neighbor that we'll help it develop its offshore resources so we can one day import its oil. WHAT?!? With Japan staggered by a natural disaster and a nuclear crisis, cruise missiles launched against Libya in our third Middle East conflict and a majority of U.S. senators complaining about a lack of leadership on the budget, President Obama decided it would be a good time to schmooze with Brazilians. His "What, me worry?" presidency has given both Americans and our allies plenty to worry about. But in the process of making nice with Brazil, Obama made a mind-boggling announcement that should make even his most loyal supporter cringe: We will help Brazil develop its offshore oil so we can one day import it. We have noted this double standard before, particularly when — at a time when the president was railing against tax incentives for U.S. oil companies — we supported the U.S. Export-Import Bank's plan to lend $2 billion to Brazil's state-run Petrobras with the promise of more to follow. Now, with a seven-year offshore drilling ban in effect off of both coasts, on Alaska's continental shelf and in much of the Gulf of Mexico — and a de facto moratorium covering the rest — Obama tells the Brazilians: "We want to help you with the technology and support to develop these oil reserves safely. And when you're ready to start selling, we want to be one of your best customers." Read full column here: News New Mexico

Energy Policy in Brazil