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Lawmakers, Executives Slam Obama for Boosting Brazil’s Offshore Drilling March 23, 2011

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Republican lawmakers and oil industry executives are slamming President Obama for offering to help Brazil expand offshore drilling while U.S. production struggles to get back on its feet in the wake of the BP spill.

The president, on the first leg of his trip to Latin America, said in Brazil over the weekend that his administration wants to assist the Brazilian government “with technology and support” in developing its oil reserves — a black gold mine he said could hold twice as much oil as U.S. deposits.

“And when you’re ready to start selling, we want to be one of your best customers,” Obama said.

That message struck some at home as bizarre and misguided, considering the administration has stressed the need to wean the United States off foreign oil and move toward alternative fuels.

With U.S. oil exploration and drilling slowing to a crawl over the past year, they questioned why the president would throw U.S. weight behind Brazil, a country that also received a $2 billion loan for its state-owned oil company from the U.S. Export-Import Bank.

“We have abundant energy resources off Louisiana’s coast, but this administration has virtually shut down our offshore industry and instead is using Americans’ tax dollars to support drilling off the coast of Brazil,” Sen. David Vitter, R-La., said in a statement. “It’s ridiculous to ignore our own resources and continue going hat-in-hand to countries like Saudi Arabia and Brazil to beg them to produce more oil.”

Fresh off a three-country visit to the region, Obama is trying to improve relations with the powerhouses of Latin America. Gulf Oil CEO Joe Petrowski agreed it’s better to encourage production in more reliable Brazil than in the “inherently unstable” Middle East.

Still, he called Obama’s announcement “puzzling,” even “humorous.”

“More oil that is not concentrated in the Mideast is good for the world and good for America. It would be a lot better if we had the drilling here,” Petrowski told Fox News. “And it seems a double standard and it seems somewhat hypocritical to a country that desperately needs jobs … that we’re encouraging other countries to create the jobs that we need.”

Furor over drilling, or lack thereof, has returned to Capitol Hill in full force over the past couple months as the price of a gallon of gas nears the $4 mark. Democrats say the rising prices, destabilized in part by the turmoil in several Arab nations, are yet another reminder why the United States needs to pursue alternative sources of energy and improve energy efficiency.

Republicans say the United States needs to develop all resources available, but emphasizes domestic drilling and exploration.

House Natural Resources Committee Chairman Doc Hastings, R-Wash., complained that, with his comments in Brazil, Obama is pushing to deepen U.S. dependence on foreign oil.

“He appears to believe the answer is to shift our foreign energy dependence from one part of the world to another,” he said.

But the Obama administration stressed that Brazil’s emerging energy industry makes the country a vital partner. These are boom times for Brazilian energy exploration — recently discovered deepwater deposits of oil buried below thick salt layers are estimated to contain tens of billions of barrels.

Obama adviser Mike Froman told BBC Brasil that the discoveries make the country a “key actor in global energy markets.”

The administration launched what it called a “strategic energy dialogue” with Brazil. According to the White House, the cooperation will entail an upcoming meeting between Brazilian officials and U.S. Department of Interior representatives; a trade mission at the end of May; and workshops starting in the fall on deepwater production and environmental management.

The administration has recently inched forward on approving oil projects in the Gulf of Mexico.

Last month, the Bureau of Ocean Energy Management, Regulation and Enforcement issued the first deepwater drilling permit since the BP spill last spring.

Then the administration announced Monday that it approved a deepwater exploration plan for Shell Offshore Inc., the first such plan since the Deepwater Horizon rig explosion last April.

But Shane Guidry, CEO of rig towing company Harvey Gulf International Marine, said that, at a time of economic stress, the U.S. government should concentrate its energy investment inside the United States rather than Brazil.

“If you’re going to do something for one country, why not do it for yours?” he told Fox News.

Read more: http://www.foxnews.com/politics/2011/03/23/lawmakers-execs-slam-obama-boosting-brazils-offshore-drilling/#ixzz1HRnaqEeP

 

Commodity Corner – Brazil’s Big Oil Bet – The Mangru Report on Fox Business – Episode 20 October 10, 2010

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While most people in America have been focusing on an upcoming General Motors (GM) IPO that was supposed to be some $70 billion dollars, it seems that Brazil has beat us to the punch. Recently, state-run Brazilian oil giant Petrobras (NYSE: PBR) raised some $70-75 billion in a secondary stock offering that was completed late September to finance the company’s growth and expansion, in particular new offshore deposits of oil found off the coast of Brazil.

Watch Dan Mangru and the Mangru Report Panel of Experts composed of John Browne (Euro-Pacific Capital), Anthony Pulieri (United Bullion Group), and Michael Solomon (Author, Where Did My America Go?) discuss whether the $75 billion was a good bet on Petrobras, whether the incoming Brazilian government will take Petrobras in a more socialist direction, and how the U.S. is invested in offshore oil in Brazil but not in America.

 

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Steve Forbes One-On-One Interview with Dan Mangru – The Mangru Report – Episode 12 August 18, 2010

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Steve Forbes is one of his generation’s legacies of success, entrepreneurship, and wealth.  He is currently the Chairman and CEO of Forbes Inc. and has expanded the company founded by his grandfather, B.C. Forbes, to become a global empire spanning from the U.S. to Europe to Asia & the Middle East. Needless to say that when Steve Forbes talks, people should listen, as he speaks with insights learned from both his family and his experiences.

During Freedom Fest 2010, Steve Forbes sat down with Dan Mangru for a private one-on-one interview that you can only see right here on The Mangru Report.  In this nothing-held-back interview, Forbes answers the tough questions such as “Will Capitalism Hurt?”, “Will Inflation Ever Come?”, will the next century belong to China and Brazil, should investor’s trade currency, the problems he’s faced expanding the Forbes brand to places like India and Russia, media censorship in China, and how he’s managed to live up to the expectations following the success of his father (Malcolm S. Forbes) and his grandfather (B.C. Forbes).

Foundation for Defense of Democracies’ (FDD) Mark Dubowitz One-on-One with Dan Mangru – The Mangru Report – Episode 8 July 13, 2010

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With Iran doing billion dollar business deals with U.S. allies and laughing at the face of more U.N. sanctions, Mark Dubowitz, Executive Director of the Foundation for Defense of Democracies, sat down for an exclusive one-one-one interview with Dan Mangru.  During their interview, Mark Dubowitz revealed why U.N. sanctions against Iran won’t hurt them, why the U.S. needs to support Iranian regime change, how Russia and China are playing both sides, why U.S. allies such as Brazil and Turkey are selling nuclear materials to Iran,  how Dubai has become the secret trading ground to do business with Iran, and how Germany is supplying engineering services to Iran’s nuclear program.

Cato Institute’s Dan Mitchell One-On-One with Dan Mangru – The Mangru Report – Episode 7 June 16, 2010

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Watch DanMangru interview Dr. Daniel Mitchell Senior Fellow at the Cato Institute about everything from the federal government being America’s top employer, global tax crackdown, what’s happening in the private sector that’s not happening in the public sector, and what he really thinks about Hillary Clinton.

Former U.S. Senator Rick Santorum One-On-One with Dan Mangru – The Mangru Report – Episode 6 June 9, 2010

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In an emotional interview, former U.S. Senator from Pennsylvania Rick Santorum opens up to to Dan Mangru on everything from how the Republican party went wrong to his daughter’s fight for her life and a family’s emotional struggle.  Also in the interview, Santorum discusses the Tea Party, why the bailouts were ultimately bad for the economy, why the few want the masses on government healthcare, and how America is abandoning its allies such as Turkey and Greece giving the opportunity to countries like Iran to make  new friends.

Taxation By Representation and War on Your Dollar – The Mangru Report – Episode 5 June 7, 2010

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Original Airdate: May 29, 2010. Broadcast on: Fox Business

Here’s a double dose of The Mangru Report Panel of Experts.  In these two installments you’ll listen to John Browne of Euro-Pacific Capital, Anthony Pulieri of United Bullion Group, and Florida Senate President Mike Haridopolos discuss whether the U.S. dollar could be replaced by gold as the world’s international currency, why China, Brazil, and Russia are pushing for a safer currency, and why Americans are justified in being angry that their taxpayer dollars went to a Greece bailout.