President Obama in a speech down in Brazil on March 19th told local businessmen in the nation state that the US is looking forward to being their best customer in buying oil from their offshore drilling. This policy to purchase more foreign oil comes after we invested over $2 Billion with 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.
“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. At a time when we’ve been reminded how easily instability in other parts of the world can affect the price of oil, the United States could not be happier with the potential for a new, stable source of energy.” – White House Press Briefing, March 19th
In this new policy, President Obama is promoting an offshore drilling partnership with Brazil, while at the same time placing moratoriums against US companies drilling in our own waters. This means jobs will be created in Brazil, and many American workers in the oil industry will move into the ranks of the unemployed.
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