If the moratorium stands and energy prices rise, the only ones to profit will be foreign-owned companies such as Petrobras and investors such as George Soros, who has an investment in the oil giant in the neighborhood of $900 million. Yes, the same George Soros who also is a major investor in the Democratic Party and President Obama's 2008 campaign.
Soros would love to see domestic offshore drilling shut down and those three dozen deep-water rigs sitting idle shipped off to the coast of Brazil. He has a huge investment in both Petrobras and the Democrats. He expects a return on all his investments.
While we track the trail of oil gushing from Deepwater Horizon, we should also follow the money that will be gushing into George Soros' bank account, courtesy of the U.S. government and the American taxpayer.
What purpose does the Offshore Drilling Moratorium serve?
From: Moratorium Won’t Reduce Drilling Risks
Nor is it clear, if the moratorium went into effect, the pullback would be all that temporary. For one thing, the moratorium is contingent on a special commission making yet more safety recommendations in six months, but there is no guarantee they’ll be done by then. Meanwhile, there are only so many floating rigs in the world, and Brazil, for instance, has just embarked on a $200 billion drilling program. (You read that right: $200 billion.) It takes a month to move an idle rig from the Gulf of Mexico to Brazil, where it will likely stay for years. So a six-month moratorium would quite likely have far greater effect on American oil production that it would seem at first glance.
So again,- What purpose does the Offshore Drilling Moratorium serve?
From an article in the Wall Street Journal, published in August of 2009.
See: Obama Underwrites Offshore Drilling
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. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.
The U.S. Export-Import Bank tells us it has issued a "preliminary commitment" letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.
And again we should ask, - What purpose does the Offshore Drilling Moratorium serve?
[UPDATE - Monday, June 28th, 2010 - 13:00]
JCM at Correspondence Committee just pointed me to a post that he put up on this subject back on Saturday the 19th.
See: c2 saturday a.m. BULLDOG
I don't think any of this was planned. Obama is relying on process instead of action. A process which bolsters his contention that fossil fuel is bad, and that we need huge "investments" (read taxes) to get to alternative energy sources.
The drilling moratorium sounds like "action" but again is process, a process which directly or indirect benefits some of his closest advisors.
The advice he is getting is both process oriented, and tainted.
The result is not fixing the problem, but supporting other agendas. I do not believe it is a conspiracy in that there was or is a "plan." It is like with much of the left a "distributed conspiracy" that a bunch of individuals with similar goals, working each on their own little piece to push events in a way that matches their worldview.
A perfect storm of events, personalities, ideologies, and agendas driving the outcome toward what they prefer.
I agree. Not a conspiracy so much as tainted advice and the natural outcome of a group of people working from a shared world-view.
There is also a lot at stake.
I think that we should keep all of this in mind along with the tenacity the Administration has displayed in its efforts to keep the Moratorium in place, even after it has been overturned by a federal court.
What purpose does the Offshore Drilling Moratorium serve? Why the urgency to reinstate it?