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September 9, 2010

US Shoveling Money at Mexico to Drill in Gulf

Posted by Dave Blount at September 9, 2010 12:44 PM

Even if Comrade Obama is throwing thousands out of work by closing down off-shore drilling in the Gulf, at least Mexicans get to drill for the oil. We even shovel $billions at them to do it:

The U.S. Export-Import Bank, an independent federal agency, loaned more than $1 billion to the Mexican state oil company PEMEX in 2009 to support the company's oil drilling in the southern Gulf of Mexico. The bank has another $1 billion in loans in the pipeline for 2010, unless Congress objects.

On May 27, after the British Petroleum oil spill, President Obama imposed a moratorium on U.S. deepwater drilling in the Gulf, effecting 33 deepwater drilling rigs in the region.

The purpose of the loans is to get Mexico to drill more oil in the Gulf so that we can pay to import it. Why don't we just drill oil in the Gulf ourselves, creating more jobs and saving us a fortune? Apparently that would oppress the polar bears.

On a tip from G. Fox.

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