Monthly Archives: March 2011

Some Help For George Soros




On his trip to Brazil last week, President Barack Obama promised the Brazilians our help in developing Brazil’s oil resources. Then he promised to buy the oil. 

The statement seemed puzzling, given that Mr. Obama shut down drilling off the Gulf Coast, and now, having reinstated it, is permitting his Interior Department to drag its feet on issuing new permits to explore the Gulf for oil.

But explaining this curious position is hardly difficult. Mr. Obama, you see, will also fund oil development in New Guinea, Fuel Fix.com revealed last week.That’s right. New Guinea. And what do Brazil and New Guinea have in common? George Soros, billionaire Master of the Universe, who has invested his billions in both places.

Here are the facts: “Despite this economically disruptive backlog,” Fuelfix.com reports, “the Bureau of Ocean Management, Regulation, and Enforcement (BOEMRE) has assigned only six drilling engineers to process all permit applications pending in the Gulf of Mexico. While Michael Bromwich bemoans a lack of the staff necessary to speed up the process, he’s sending his staffers to Papua New Guinea to advise its officials on ways to develop the country’s offshore drilling infrastructure. A significant portion of the agency’s budget is covered by fees, royalties, taxes, and rents from energy production, so curtailing drilling closes off cash flow too.”

As well, American Thinker’s Ed Lasky explains that Soros “has a huge ownership interest in a company called InterOil (stock symbol IOC), whose one major asset is reportedly a huge reservoir of natural gas in New Guinea. He has been increasing his ownership stake in recent months and, as of last November, showed an 11.9% ownership stake. His InterOil holding is the third-largest stock holding in his hedge fund.”

So for a second time Mr. Obama is helping Soros, who showered candidate Obama with millions through various fronts and has created a constellation of anti-Christian leftist organizations to wreak havoc upon the Republic. He is now using Media Matters, the leftist media watchdog, to wage war against Fox News and conservatives he does not like. That operation may well violate the group’s tax-exempt status.

Anyway, remember what Mr. Obama said in Brazil: “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.” How much is that? While American companies file 3,000-page applications and workers remain unemployed, Obama gave Petrobas permission to launch a floating production storage facility 165 miles off the coast of Louisiana.

Recall that in 2009, the Obama Adminstration committed $2 billion from the U.S. Export-Import Bank to drill for oil off Brazil’s coast. Coincidentally, just a few days before that announcement, Soros sold 22 million shares of Petrobas stock, Bloomberg News reported, and bought 5.8 million of its shares traded in the United States. Asked Ed Morrissey of HotAir.com, “Is it a coincidence that Obama backer George Soros repositioned himself in Petrobras to get dividends just a few days before Obama committed $2 billion in loans and guarantees for Petrobras’ offshore operations?”

Good question.

Much more can be said of the Obama-Soros connection. It suffices to say that Mr. Obama doesn’t mind drilling for oil. He simply seems averse to doing so where it does more good for his countrymen than it does for a contributor to his cause.

( Original Aritcle )

The Daily News Record: Editorial Opinion.

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Soros Wins Under Obama’s Energy Policies

By Ed Lasky

Are Barack Obama’s energy policies influenced by hedge fund billionaire and political patron, George Soros?

Abby Wisse Schacter, in the New York Post, notes that the Obama administration is clamping down on oil and gas development in America (both onshore and offshore) but is hell-bent on helping other nation’s tap their resources and points out that such help is being showered specifically in New Guinea, of all places.

It is starting to look obvious that the administration doesn’t want oil exploration and extraction at home while it is promoting the same exploration and extraction elsewhere — specifically Brazil and New Guinea. “The Bureau of Ocean Management, Regulation, and Enforcement (BOEMRE) has assigned only six drilling engineers to process all permit applications pending in the Gulf of Mexico. While Michael Bromwich bemoans a lack of the staff necessary to speed up the process, he’s sending his staffers to Papua New Guinea to advise its officials on ways to develop the country’s offshore drilling infrastructure. A significant portion of the agency’s budget is covered by fees, royalties, taxes, and rents from energy production, so curtailing drilling closes off cash flow too.

Others have commented on Obama’s generosity regarding Brazil’s oil wealth and how those actions might help George Soros.

But focus should now turn towards the exotic land of New Guinea.

New Guinea? Why there? Why is he using our taxpayer dollars to help energy development in New Guinea? Hasn’t Secretary of the Interior Salazar bemoaned that his budget is just not large enough to process all the drilling permits submitted for tapping America’s oil and gas wealth? Why are he and the President devoting staff and money to help that undeveloped island nation?

Perhaps, he just wants to pay back George Soros, who was so instrumental in helping his election and the election of fellow Democrats across America. George Soros is the Patron Saint of the Democratic Party and was a very early and generous supporter of Barack Obama’s.  Soros even used a loophole in Federal campaign laws that allowed him and his family to give outsized donations to Barack Obama; he also fielded his army of so-called 527 groups (such as MoveOn.Org) to help Obama win the Oval Office.

Soros also stands to massively benefit if New Guinea becomes an energy power, especially if the American taxpayer subsidizes this development.

As I have written before (see Cheap Natural Gas and Its Enemies; Cheap Natural Gas and its Democratic Enemies) George Soros, through his hedge fund, has a huge ownership interest in a company called InterOil (stock symbol IOC), whose one major asset is reportedly a huge reservoir of natural gas in New Guinea. He has been increasing his ownership stake in recent months and, as of last November, showed an 11.9% ownership stake.  His InterOil holding is the third-largest stock holding in his hedge fund.

InterOil has been subject to some controversy — there are some investors who are shorting the stock, thinking that the reserves may not be as large as claimed and that it will be very difficult to develop them given the problems with developing energy resources in such an undeveloped nation and the heavy expenses overcoming those problems entail.

The stock has been soaring upward, along with the rise in energy prices. The move may also be related to the prospect that Japan will rely more on liquefied natural gas (LNG) imports (from Asian nations such as New Guinea) to power its economy in the wake of its nuclear energy problems.

But there may also be a short squeeze propelling the stock upwards. This occurs when people sell the stock short. Shorting happens when investors think a stock will fall in price. They borrow the stock from others and then sell it. They hope to be able to replace the stock they borrowed by buying it back in the market after the stock price has declined. They profit if the price they pay to buy it back (and return it to the people they borrowed it from is lower than the price they sold it at).

The nightmare for short-sellers is when the price of the stock moves contrary to what they hoped, and it moves up. Then the pain and bloodletting starts. They may face margin calls. They have to see their shorts decline in value as the stock price moves up. They may eventually be forced to buy back the stock at ever high prices. Sometimes, if there is a large short position in terms of the percentage of the stock float, serious pain ensues as the stock shoots upwards when they are compelled to meet margin calls and cut their losses. Being caught on the wrong side of a short squeeze is akin to being subject to the Wall Street equivalent of water-boarding.

Meanwhile, those who own the stock (are “long” the stock) are happily counting their riches as the value of their stock soars. They laugh all the way to the bank, as the shorts lie bloodied, bruised, and defeated, all but begging for mercy.

How can one help engineer a short squeeze? One proven way is to foster a positive news flow that boosts the prospects for the stock and send its shares upwards. Sometimes, public relations firms are involved as they spin out a series of “news” items that promise untold riches to come from a company and its shareholders (a new product, new customers and contracts, the possible sale of the company).

However, the hype can go into overdrive if you partner up with a more powerful and richer partner — say, the United States of America.

In the case of InterOil, one big positive development has been Barack Obama’s decision to invest taxpayer dollars in stoking the development of energy resources in New Guinea. InterOil disproportionally benefits from the steps Barack Obama has taken in New Guinea since InterOil’s assets are dominated by its New Guinea operations. InterOil will not have to spend its own money to develop (basically, build from the ground up) the infrastructure that is needed to fully tap the wealth that lies under the leases that InterOil has in New Guinea.

Instead, the American taxpayer picks up the tab. Sweet deal. We pay the costs and InterOil (along with its major shareholder, George Soros) picks up the profits.

The market sees what is going on, even if the American taxpayers do not. The American government is picking favorites and InterOil is one of them.

Has Barack Obama  made American taxpayers complicit in engineering a short squeeze in InterOil stock by deciding to help build up the nascent energy industry in, of all places, New Guinea?

This is far from the first time that political patrons of Barack Obama have minted money from his energy policies (for a partial list of the members of Barack Obama’s “Friends and Family Program” who have benefited from his waste of taxpayer dollars on green schemes see Obama’s Edifice Complex).

To compound the insult to American taxpayers, much of government spending comes from borrowing money from other nations, such as China. That nation is a huge energy importer. The Chinese would be among the first beneficiaries of the development of New Guinea energy resources. Why aren’t the Chinese paying to develop New Guinea’s energy wealth?

We won’t be the beneficiaries from the spending of tax dollars in New Guinea? We may actually be the losers from all that spending.

We have an abundance of natural gas (due to the tapping of our own shale gas reserves); we don’t need LNG. We have such vast amounts of natural gas that ports that were built to import LNG are being reconfigured to export LNG. Why is Obama spending our tax dollars to help a foreign competitor while increasing taxes exponentially on  American oil and gas companies? Why encourage New Guinea to develop its LNG capability to export to China, Japan, and other nations when we can and should export our own LNG to them?

But helping America’s oil and gas industry (and helping lower the energy bills for Americans) is not and never has been on the agenda of Barack Obama.

Obama’s rewarding his friends and donors, who no doubt will reciprocate by supporting him in 2012, is Cook County Politics writ large. That modus operandi has always guided him.

Does his agenda include helping further enrich George Soros, sugar daddy of the Democratic Party?

Ed Lasky is news editor of American Thinker.

( Original Aritcle )

American Thinker: Soros Wins Under Obama’s Energy Policies.

Soros Posts ‘Obama Doctrine’ on Website

by Tom McGregor

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When it comes to Middle East policy, President Barack Obama claims, “I’ve got no doctrine.” Nevertheless, many of the talking points and key issues that he raises in regards to Arab issues are remarkably similar to the statements made by the website of the Center for American Progress, which is a think tank largely funded by billionaire currency and oil speculator and hedge fund trader, George Soros, a financier of global leftist political organizations.

According to Politico, “in an interview with NBC’s Brian Williams, President Obama brushed aside the suggestion that his approach to Libya could be replicated in other countries, like Syria.”

Obama said, “I think it’s important not to take this particular situation and then try to project some sort of Obama Doctrine that we’re going to apply in a cookie-cutter fashion across the board. Each country in this region is different. Our principles remain the same.”

As reported by Politico, “Obama called Libya a ‘unique situation’ and said that he isn’t ‘going to go around trying to use military force to impose or apply certain forms of government.’ He added, ‘We may not be applying the same tools in each country, in every case.”

Additionally, Obama provided this answer when asked if he’s pondering arming Libyan rebels: “I’m not ruling it out. But I’m also not ruling it in.”

Posted on the website of the Center for American Progress is an article entitled, “The United States Needs to Develop a Broad Middle East Policy.”

To read the entire article from Politico, link here: To learn more details about the Obama Doctrine, link here:

Tommcgregor@cri.com.cn

( Original Article )

dallasblog.com

Countdown to DesertXpress begins

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March 28, 2011

States and regions across the country are working tirelessly to realize President Obama’s vision for American high-speed rail.  And on Friday, I had the pleasure of joining Nevada Senator Harry Reid to announce that construction on the DesertXpress corridor between Las Vegas and Southern California will soon get underway.

The DesertXpress project cleared a major hurdle last Friday when the Federal Railroad Administration released its final environmental impact statement.

DesertXpress promises travel times of 85 minutes between Victorville, California, and Las Vegas, Nevada.  This cuts the existing drive–three hours under the best conditions and nearly twice as long in traffic–in half.  Sitting in congestion for four, five and even six hours along I-15 is especially brutal for travelers paying sky high gas prices.

But high-speed rail means much more than a shorter trip from California to Las Vegas.  It means jobs, and it means reinvigorated American manufacturing.

Already, 30 rail companies from around the world have pledged that, if they’re selected for high-speed rail contracts, they will hire American workers and expand their bases of operations in the United States.  And the administration’s 100 percent “Buy America” requirement will generate a powerful ripple effect throughout the supply chain.

Just think about the possibility.  Factory workers building electric-powered trains.  Engineers laying new track.  Conductors, operators and ticket-takers helping passengers speed to their destinations.  Americans of every trade advancing down the track to a better future.

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With US Senator Harry Reid and Nevada Department of Transportation Director Susan Martinovich

And those are just the direct ripple-effects.  High-speed rail also means economic development.  As Nevada Senator Harry Reid said:

“This announcement brings us one small step away from tens of thousands of new jobs not only through the project’s construction, but by boosting our tourism.  This line will connect tourists from southern California to our state’s great attractions like the Las Vegas Strip and the Hoover Dam. This announcement is excellent news for our state’s economic recovery.”

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With US Senator Harry Reid announcing the DesertXpress EIS release

DesertXpress will give people a safe, convenient transportation alternative to the notoriously congested I-15.   And in a time of enormous economic challenge, it will create quality jobs.

This is the promise high-speed rail offers communities across the country.  This is how America wins the future.

Source

The Obamatorium on Offshore Drilling: 301 Days and Counting

March 24, 2011

Statement from Jim Adams, President and CEO,
Offshore Marine Service Association

The Obamatorium on Offshore Drilling: 301 Days and Counting

(New Orleans, Louisiana) – March 24, 2011  “It’s been 301 days since the Obama Administration imposed a 6-month moratorium on offshore drilling, and 163 days since they ‘ended’ it.  And now President Obama wants credit for issuing the first new deep water exploration permit,” Jim Adams, President and CEO Offshore Marine Service Association said today.  “One permit, two or three permits being served crumb by crumb is not enough.”
“We need an Administration that wants to provide the regulatory clarity that enables companies to plan and employees to know they will have work,” said Adams.  “While the Obama administration is busy patting itself on the back for a single permit, businesses are closing, employees are losing their jobs and the price of gasoline continues to rise.”
“It’s time for the Obama Administration to support the American offshore energy industry with the same enthusiasm that it heaps upon Brazilian offshore companies and Brazilian offshore workers.”
OMSA represents the owners and operators of U.S. flag offshore service vessels and the shipyards and other businesses that support that industry.
( Original Article )
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