Drill Baby Drill?????
Yesterday, the Wall Street Journal broke a story regarding Americans funding off-shore drillingÖin Brazil. According to the paper, the United States is loaning Brazilís state-owned oil company, Petrobras, $2 billion in the form of either a direct loan or loan guarantees. Even more bizarre, we obviously donít have $2 billion sitting around; we are taking out a loan to make a loan, something similar to speculators and day-traders who put their house at risk to borrow to play the stock market.
The implications here are staggering. First, there is the environmental implications. Arenít we arguing over cap-and-trade because we are supposed to be part of a worldwide environment? How, then, does supporting the drilling of oil fit into that mantra? Doesnít that make the Obama Administration rather hypocritical, to say that itís awful for Americans to benefit from destructive drilling, but itís okay for those in Brazil?
Second, one of the greatest fears about cap-and-trade is that American jobs will be outsourced and American companies will move outside of the United States. Although this loan is not a direct result of cap-and-trade, by using American dollars to create foreign jobs when America is already struggling under such high levels of unemployment seems to be a signal that such worries are not a priority to Obama. Sarah Palin contends that such money could be used to drill inside the United States, thus reducing our dependence on foreign oil while creating many American jobs. But even if we never drill domestically, every amount of money that we spend is money that comes from the taxpayers pockets, which means Americans will pay higher taxes for Brazil to grow economically. If the Obama administration feels the need to frivol away my money, I would rather that money at least stay in America. I never thought a 35 hours American job would look so good. Washington has proven yet again just how little it values regular people in America.
Soros Hedge Fund Bought Petrobras Stake Worth $811 Million By Jeb Blount and Miles Weiss
Aug. 15 (Bloomberg) -- Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund's largest holding. As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 percent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management LLC, according to a filing with the U.S. Securities and Exchange Commission.
OK Lefties, please explain how this is a conspiricy by Bush/Cheney to enrich the coffers of Haliburton and all of their Cronies.:rolleyes:
Chicago Hope and Change
Just more lunacy from the loons.
Don't worry, R. You'll get a response. It just takes a little time for the liberal spin to wind up.
Interesting that the only story on oil that came through my email feed of NY Times was this one ... bludgeoning the US oil companies for fighting cap & trade requirements.
I think this discrepancy illustrates the inconsistency of our Federal govt. It's okay for other countries to operate without our controls, even if we lend them the $ to do it?
Another article regarded how in trying to "fix" the issue of property appraisals (that may have played a role in the real estate boom), the regulations put in place for appraisers are doing as much harm as good. And, for the record, the cost to the consumer for the appraisals for a mortgage have increased ... by about 1/3 or more. Wonder who's getting the extra bucks? I'm led to believe it is the "company" that the banks must use to order their appraisals. This company then takes a cut of the appraisal fee. So, if the appraiser is to get the same fee he got before, the fee has to be higher to pay for the extra middle-man in the process. There are some who might view these additional costs as a "tax" to pay for the new rule. And it definitely is levied on individuals of all income levels, whether they're buying a $100,000 or a $1,000,000 house.
First, how else is Oboma going to payoff Soros for getting him elected?
Originally Posted by R Little
Second, if Cap and Trade is passed, all the major oil companes will move to other countries. Exxon/Mobile is already planning on moving most of thier corporate offices to Dubai and construction offices to Mexico if Cap and Trade is passed. Most of the big Oil Field support businesses will move out of the USA as well as this country becomes more hostile towards energy companies.
What the hell does this oil company need our money for anyways...
they are the 7th most profitable corportation in the world...
18 billion in profits in 2008....
could you imagine what the nation would say if Bush were to lend this kind of money out to a foreign country durring a major recession...wait we know what was said......
go figure...all's quiet on the liberal, scandal, doubble talking front....
we have AMERICAN corporations BEGGING and PLEADING to use THEIR OWN money to drill here and they cant.....
we have AMERICAN corportations BEGGING and PLEADING to be allowed to retrofit their refinery's to make the crack process more cost effective to lower prices...and they want to use THEIR OWN MONEY and they cant...
My independent view of your comments are that they would be comical, if not having such real consequences.
Originally Posted by Nor_Cal_Angler
Mr. Bush spent billions bombing Iraq, then spent trillions stabilizing and rebuilding, all while giving corporate welfare to the big oil companies, who pay less in effective tax rates than You and I!
Where was the outrage?
So....so much for that "change" platform, huh.....:rolleyes:
Bidniz as usual regards, :cool:
Originally Posted by dnf777
I did not realize your tax rate was between 35% and 49%. Exxon had record profits but paid a record 49% in taxes on those profits. That is 49% going to your government and others around the world. They not only have to pay a corperate rate of 35% but must pay other taxes as well (drilling taxes / equipment and such)
Ultimately those taxes are passed on to the consumer (thats you) so if you would like them to pay more, that is no problem, as long as you don't whine to loudly when fuel is back in the $4.00 range.
By the way the US has one of the highest corporate tax rates in the world (35%)which is why a lot of these big companies are moving their operations out of our country to countries with rates of 30% or less.