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June 13, 2010
Obama's Drilling Moratorium Boosts Economy
Posted by Gregory of Yardale at June 13, 2010 5:48 AM
Specifically, the Brazilian economy.
Brazil could benefit from the BP Gulf of Mexico spill as a U.S. moratorium on offshore drilling boosts available rigs for the country's deep water oil exploration program.
Even as an ecological catastrophe makes the future of U.S. offshore drilling less certain, Brazil is plowing ahead with a $220 billion five-year plan to tap oil fields even deeper than BP's (BP.L) ill-fated Gulf well, which is still leaking crude.
With an estimated 35 rigs idled in the Gulf of Mexico, Brazil is already receiving inquiries from companies looking to move their rigs here, where vast discoveries in recent years may soon turn the country into a major crude exporter.
Also, from Gateway Pundit, the Feds are banning flights over the oil slick. Nothing to see here, comrades. Move along.
But don't worry, comrades, Glorious LReader has a new brilliant plan to fix the economy, $50 Billion in SEIU and Teacher's Union bailouts. And that's just a down payment. The public pension systems have over a trillion dollars in unfunded liabilities. As one commenter at AoS HQ accurately states:
If Obama has his way, the average citizen will be bound into indentured servitude to support legions of overpaid government workers whose main utility to the State is a reliable Democratic vote come election day.
