The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro.
After this came a 7 year offshore drilling ban of the Atlantic, Pacific, and Gulf of Mexico coasts.
Some say this is to help ensure support of enviro-nuts in 2012, taking NIMBY-ism to new heights! He wants us to be Brazil's biggest customer, supporting their economy in ways he does not support the economy at home. Imagine the jobs he could "create or save" with new oil exploration...
Wonder who else benefitted? No doubt this helped billionaire friend and supporter George Soros, a significant investor in Petrobras...
For more info:
http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html
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