A Classic Case Of “Not In My Back Yard”?

What better way to reduce our dependency on foreign oil than to finance foreign oil exploration. NOT! But that’s what the Obama administration has done. They agreed to either directly loan or loan guarantee $2 billion to a Brazilian oil company, Petrobras, for oil exploration off the coast of that country. The Obama administration is also considering upping that amount.

Shouldn’t we question such a move? The U.S. is cash strapped and are sitting on more oil reserves than Brazil and yet by loaning Petrobras, a state owned oil company, the money, we are creating yet another foreign oil exporting country that can hold that power over us.

While Congress has allowed a ban on offshore drilling to expire, only a handful of leases will be auctioned off for the Gulf of Mexico. A federal court sided with environmentalists continuing a ban on drilling in Alaska but not the East and West coasts. Why haven’t we made a move to begin offshore drilling here?

Once again our government has shunned its responsibility to work towards propping up our national security by propping up another state-run oil industry putting us further in the hole.