Obama Announces New Offshore Oil Drilling Funding

No, not here in the good old United States. This Wall Street Journal article announces that the Obama administration has pledged billions of dollars to Brazil to help it drill offshore for the newly discovered oil in the Tupi oil fields. The money is going to the state owned company, Petrobus. The article gives little information about Petrobus but research shows one of the biggest stockholders in Petrobus is none other than Soros Fund Management LLC, with 32 million shares valued at $963 million. No, it’s not illegal but it doesn’t pass the smell test.

It seems the Obama administration can support Iran developing domestic nuclear power and Brazil drilling offshore for oil, while doing all it can to stifle that activity here at home. Hypocrisy at it’s very best.


  1. So Obama’s padding the pockets of his buddy George.

    Do they have to have approvals from Congress?

  2. Randy in Richmond says:

    They talk of a commitment letter so I assume the funds are there.

  3. Well then obviously it’s because American taxpayers can spare $2 billion.


  4. Randy in Richmond says:

    I also suspect this news will bump the value of Petrobus stock nicely over the upcoming months.