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 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,” 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, “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.

Posted on March 30, 2011, in AMERICAS, Natural Gas, Oil & Gas - offshore, United States and tagged , , , , , , , , , . Bookmark the permalink. 3 Comments.

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