President Obama, bless his heart, has to date prevented off shore drilling off our shores basically on environmental grounds. This is regardless of the fact that the majority of Americans believe the time is now...Drill Baby Drill!
A recent court ruling has opened up the possibility of off-shore oil leases in the Gulf, but still not in Alaska, and the East and West coasts. August 19th was the date set for negoiations to start.
Former Alaska Gov. Sarah Palin, a vocal proponent of offshore drilling, had plenty to say.
"So why is it that during these tough times, when we have great needs at home, the Obama White House is prepared to send more than $2 billion of your hard-earned tax dollars to Brazil so that the nation's state-owned oil company, Petrobas, can drill off shore and create jobs developing its own resources?" she asked on her Facebook page.
Ugh... Let me get this straight Brazil is in our environment last time I checked. Where is Obama's concern?
OK now IF and only IF drilling starts in Brazil AND the US anywhere soon, AND wells are actually producing oil as one would suspect, then loaning Brazil the money to develop might just make sense. Let's loan money to other South American countries as well. Let's flood the market with oil and get the prices back down to rock bottom prices.
If this should happen, commodity speculators would have no other choice than to speculate the prices as dropping. OPEC of course could reduce production to offset that but how far can they drop production and maintain thier economy?
It's a big shell game that we could ultimately win....but we gotta drill and do a lot of it as soon as possible to see the results. Even that though is not the whole solution...we need more refining capacity to go along with it.