Obama's No-Energy Speech
Posted in Shameless Self-Promotion by Steven Hayward
I unload on Obama's no-energy speech this morning in the Wall Street Journal
. Headline number: Brazil has increased its domestic oil production 876 percent over the last 20 years the old-fashioned way: they drilled for oil (mostly offshore).
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and Brazil has hot chicks. A win-win!
And I am sure that George Soro's Petrobas ,which is an oil company in Brazil - image that of all things - Soros has investments in a oil company - is doing quite well financially. George can continue to funnel profits from Petrobas to the bus driver's re-election campaign. Keep in mind that the bus driver is against oil drilling and exploration in the country that he presently has a job as the President. Also, Soros can funnel that money to potential state and federal congressmen who are global warming fanatics and back legislation to stop oil drilling in the United States. That way George can become a rich capitalist of of all things oil!!! George and AlGoreBal Warming have a lot in common. The major investments of the Gore Family is in Occidental Oil. For those who are ignorant of what Occident Oil Company does - it drills for oil and makes a huge profit. See behind all that socialist/leftwing/progressive/helpthepoor ideology that Gore and Soros spew lurks true capitalists....
True, on the production stat. Still it wasn't coincidence that Obama was in Brazil when the bombing in Lybia started.
Companies in Brazil interested in Oil, and not being nationalized by Petrobras labor disputes with FUP:
REP: Spanish (in Lybia)
Shell: Dutch/English. (In Lybia)
Total: France. (In Lybia)
XOM: U.S. (not in Lybia..except that just what XOM owns is a guessing game.)
But actually all Brazil wants is to basically get on a more German style corporate law, with a massive sovereign wealth fund. If Brazil wants to be export based, Obama or Davos have decided that we will be import based.
I tend to think that Macroeconomically you are discounting the fact that world employment is 40% (see Gallup) I don't care if you call it the industrial reserve army, a la Marx, the point is rather that labor unrest in Brazil is large, as it is in places like Saudi Arabia, and everyone wants to have that massive sovereign wealth fund. I don't think the Brazilians want to import foreign workers either.
What Obama is trying to do is run around the globe and prevent nationalization and labor unrest.
It also isn't clear to me that we actually have this oil that is in the Bakken. I think that CRS seems a bit like puffery. If we maintain regulations and don't drill baby drill we can continue to talk about fictional US oil, and this should put a damper on higher oil prices. The worse thing to do would be to open up drilling completely, then news of dry oil rigs and overhyped numbers would sky rocket oil prices and likely coincide with wikileaks announcements that the Saudi's were being fraudulent.
I am more than happy thinking we have some energy left in the U.S., we don't have to toss environmental standards out from fear. And comparing U.S. policy to that of Brazil is literally and figuratively a Shell game.
cow, at least keep up with the news, will ya?
"August 17, 2010, 4:36 PM EDT
By Alexander Cuadros
(Updates with closing prices.)
Aug. 17 (Bloomberg) -- Billionaire George Soros’s fund management firm sold all of its Petroleo Brasileiro SA stock, dumping its biggest company holding ahead of a planned $25 billion offering by Brazil’s state-controlled oil producer.
Soros Fund Management LLC, which oversees $25 billion, sold 9.1 million American depositary receipts representing Petrobras common stock and 5.88 million ADRs corresponding to preferred shares in the second quarter, according to a filing with the U.S. Securities and Exchange Commission yesterday."
Why dont' you learn how to read. You forgot this part of the article:
Soros has also put money in Brazil using his Buenos Aires- based Adecoagro venture, which invests in agriculture and renewable energy in Latin America. The firm said in February it may hold an initial public offering to fund projects including a Brazilian sugar mill.
Hint: Renewewalbe Energey in Latin America. In case you don't know that is liberalspeak for Oil and Gas.
It sucks to be you.
Just to clarify so that you get it - Soros took his shares from Petrobras and invested it into another Oil company in Brazil. The name has changed, but the game remains the same. You are either completely ignorant or just plain gulliable.
So, why did you write "George Soro's Petrobas"?
I doubt that Newt Gingrich calls his current wife Jackie (unless, perhaps, he's feeling particularly loving towards America, in which case all bets are off)
As other commentors have made on your comments:
LOW HANGING FRUIT. It is pitiful - all you can argue is low hanging fruit.
It must suck to be you.
Let me help YOU stay up on the latest news. Here is a great article about an oil company called InterOil in of all places New Guinea!!! Guess who the biggest investor is and guess who is paying for a lot of it....
Answer to question 1: George Soros
Answer to question 2: The American Taxpayer.
Keep an eye on Interoil & George Soros:
Are Barack Obama's energy policies influenced by hedge fund billionaire and political patron George Soros?
The administration is derailing oil and gas exploration and development here in America while taking steps to help foreign nations develop their own energy resources. The latest beneficiary of his efforts is the island nation of New Guinea.
This effort by the administration is especially galling since the Interior Department has been blaming its delay in issuing drilling permits on lack of money and staff to process the permits. Why devote the department to helping another nation reap riches?
To which one may also ask — why New Guinea?
Perhaps the better question might be: Who benefits from President Obama's push to help New Guinea become an energy power?
That answer would be George Soros, sugar daddy of the Democratic Party and long an ardent and very generous supporter of Barack Obama's political campaigns.
Soros stands to massively benefit if New Guinea becomes an energy exporter and will profit even more if American taxpayers pick up the tab for the costs of such help.
George Soros has a huge ownership interest in a company called InterOil, whose one major asset is reportedly a huge reservoir of natural gas in New Guinea. He has been increasing his ownership interests in recent months and, as of last November, showed an 11.9 percent ownership stake. His InterOil holding is the third-largest stock holding in his hedge fund.
InterOil has been subject to some controversy -- there are some investors who are shorting the stock, thinking that the reserves might not be as large as claimed and that it will be very difficult to develop them given the problems with developing energy resources in such an undeveloped nation and the heavy expenses overcoming those problems entails.
The stock has been soaring upward, along with the rise in energy prices. The move might also be related to the prospect that Japan will rely more on liquefied natural gas (LNG) imports (from Asian nations such as New Guinea) to power its economy in the wake of its nuclear energy problems.
But there might also be a short squeeze propelling the stock upward. This occurs when people sell the stock short. Shorting happens when investors think a stock will fall in price. They borrow the stock from others and then sell it. They hope to be able to replace the stock they borrowed by buying it back in the market after the stock price has declined. They profit if the price they pay to buy it back (and return it to the people they borrowed it from) is lower than the price at which they sold it.
The nightmare for short-sellers is when the price of the stock moves contrary to what they hoped and it moves up. Then the pain and bloodletting starts. They might face margin calls. They have to see their shorts decline in value as the stock price moves up. They might eventually be forced to buy back the stock at ever high prices.
Sometimes, if there is a large short position in terms of the percentage of the stock float, serious pain ensues as the stock shoots upward when they are compelled to meet margin calls and cut their losses.
Being caught on the wrong side of a short squeeze is akin to being subject to the Wall Street equivalent of water-boarding.
Meanwhile, those who own the stock (are "long" the stock) are happily counting their riches as the value of their stock soars.
How can a short squeeze be engineered? Among the tricks of the trade is publicizing positive news.
In the case of InterOil, the market is keenly aware that American taxpayers picking up the costs for helping New Guinea exploit its reserves will disproportionately benefit InterOil.
To compound the problem, America has vast reserves of natural gas that we can export. Ports built to import LNG can be repurposed to export LNG. Why build up a competitor to our own domestic energy industry? Furthermore, since China and Japan would be the prime beneficiaries of New Guinean energy exports, why not have them subsidize the costs?
But there is, of course, one other prime beneficiary of this wasteful and foolish use of taxpayer money to pay the costs so someone else may profit -- InterOil and its major shareholder, George Soros
Have you ever ever thought about including a bit of bit extra than just your ideas? I imply, what you say is essential and everything. But its bought no punch, no pop! Maybe should you added a pic or two, a video? You might have such a extra powerful weblog if you happen to let people SEE what youre speaking about as a substitute of simply reading it. Anyway, in my language, there will not be a lot good supply like this.