Obama To Brazil: Drill, Baby, Drill

…so we can import your oil!

President Obama’s war on domestic energy exploration and drilling is beyond absurd.  But actively assisting foreign nations like Brazil drill for oil is completely over the top!  From Investors:

While leaving U.S. oil and jobs in the ground, our itinerant president tells a South American neighbor that we’ll help it develop its offshore resources so we can one day import its oil. WHAT?!?…

His “What, me worry?” presidency has given both Americans and our allies plenty to worry about. But in the process of making nice with Brazil, Obama made a mind-boggling announcement that should make even his most loyal supporter cringe:

We will help Brazil develop its offshore oil so we can one day import it.

We have noted this double standard before, particularly when — at a time when the president was railing against tax incentives for U.S. oil companies — we supported the U.S. Export-Import Bank’s plan to lend $2 billion to Brazil’s state-run Petrobras with the promise of more to follow.

Now, with a seven-year offshore drilling ban in effect off of both coasts, on Alaska’s continental shelf and in much of the Gulf of Mexico — and a de facto moratorium covering the rest — Obama tells the Brazilians:

“We want to help you with the technology and support to develop these oil reserves safely. And when you’re ready to start selling, we want to be one of your best customers.”

Senator David Vitter (R-LA) takes a few common sense issues with the President’s actions.  From CNS News:

Sen. David Vitter (R-La.) is questioning how the United States has benefited from a $2-billion loan the Export Import Bank of the United States made to a Brazilian oil company for its offshore drilling operations. How has that loan, made several years ago, helped U.S. companies, the senator asked in a March 17, 2011 letter to Fred Hochberg, president of the Export-Import Bank.

“I am sure you can understand the frustration Louisianans have with a $2 billion loan to produce energy offshore Brazil,” Vitter wrote to Hochberg – especially given the “ongoing de facto moratorium” on deepwater drilling in the Gulf of Mexico.

The Obama administration has approved only three permits for drilling new deepwater wells in the Gulf of Mexico since it lifted its moratorium on issuing permits last October– seven months after the BP rig explosion and oil spill.

“I would appreciate a full accounting for the return on investment the American taxpayer has received, and is anticipated to receive, on the $2 billion loan to this Brazilian petroleum company,” Vitter wrote to Hochberg. “I want to understand why permitting domestically is nearly stalled, and if there is at least a return on this investment over the last year and a half for supporting production offshore Brazil.”

Try to enjoy filling up your gas tank while Crime Inc. continues.