Sound Off
The Crystal Lady
Sound Off
President Obama and Brazil
By Joan Estelle High
© 2-19-2010
Despite what rumors you have heard regarding that Mr. Obama was responsible for lending 2 billion of tax payers money to the state owned oil company Petrobras for a project in Brazil , most of this deal was already in the works before he took office. It is also being said that China will get all the oil and it will not benefit the United States at all. It seems China has lent Brazil 10 Billion dollars and they hope to get 200,000 barrels of oil each day for 10 years. The oil field could hold as many as 8 billion barrels of light crude that should flow at the rate of 100,000 barrels per day. That sounds like 20 % for China, not all of the oil. Brazil ranks 17 in oil reserves in the world. Our G.E. company won a 3 year contract worth 250 million dollars to supply Veco Gray Subsea well heads for the area. But the down side is they will be made in G.E. plant near San Paulo Brazil. As to using tax payers money we have to take a look at the Export and Import Bank of the United States. According to their web site the bank is a self sustained entity. No tax payers money is used. It is reported that it generated 4.9 million in benefits to American companies last year. It was started in 1934 by President Roosevelt. On its current board of director are 3 Republicans and 2 Democrats who were appointed by George Bush. They furnish loans for payments to companies that export American goods and services. The bank goal is to create and sustain jobs here at home. The bank finances projects that would not be handled by other financial firms. It is said you should follow the money to get to the bottom of a story. This story involves Petrobras drilling an off shore oil field in Santos Basin near Rio De Janeiro. The oil field is a complicated venture While Petrobras owns 65 % , British interests own 25 % with the remaining 10% owned by Petroleum De Portugal. People are asking what are we doing in this deal when our own government bans off shore drilling in Alaska and other areas off our coasts. One ban on the Gulf of Mexico has been removed. Petrobras is a very large company on this side of the world. They might be remembered from 2001 when a oil platform in Brazil exploded, killed 11 workers and then sank. The next question involved a man named George Solos. He is a brilliant wealthy business man who is a political activist as well as a generous philanthropist. He once was known for spending vast sums of money trying to get George Bush out of office. He is thought to be a major factor in Mr. Obama getting elected. His company has invested heavily in Petrobras. Some people think that this deal was made for his benefit as a pay back for his political and financial backing of our now president. There is no doubt the man is a wheeler-dealer who can spot an opportunity a mile away and has been known to create a few opportunities. The moral of my tale is don't believe every thing you get sent t in an E-mail until you make a Google or Bing search on the subject. Maybe you will find out like Paul Harvey used to say "The rest of the story" If you have any more information you would like to share or want to add a comment please send to thecrystallady@ hotmail.com Put Brazil in the subject line |