Flash Posted September 13, 2010 Report Share Posted September 13, 2010 Despite President Obama's moratorium on U.S. deepwater drilling in the Gulf of Mexico, the U.S. Export-Import Bank intends to guarantee $1 billion in loans to PEMEX, the Mexican state oil company, to bolster the company's oil drilling in the region. The bank, which is the official American export credit agencyhttp://kona.kontera.com/javascript/lib/imgs/grey_loader.gif, loaned more than $1 billion to PEMEX in 2009 -- when the company was the bank's largest borrower -- in support of its drilling activities. That year, the bank also guaranteed two loans totaling $300 million made by a commercial lender. The latest request comes during a drilling moratorium that was first imposed by Obama in May to find out what was the cause behind the April 20 Deepwater Horizon oil righttp://kona.kontera.com/javascript/lib/imgs/grey_loader.gif explosion killed 11 workers and led to 206 million gallons of oil spewing from BP's undersea well. After a federal court struck down the ban amid complaints that it threatened thousands of jobs in the offshore oil industry, the Obama administration issued a new moratorium in July on most deep-water drilling activities that is in effect until Nov. 30. The Export-Import Bank said the moratorium doesn't affect its pending deal with PEMEX. "None of these projects involve deepwater drilling," bank spokeswoman Maura Policelli told FoxNews.com in an e-mail. The $1 billion deal is awaiting approval by the bank's board, which is expected to reach a final decision by Sept. 30, the end of the fiscal year. Because the bank is an independent agency, the deal is not subject to congressional approval. http://www.foxnews.com/politics/2010/09/11/backs-b-loan-mexico-oil-drilling-despite-obama-moratorium/ This I don't get at all tbh. Why are we giving more money to let someone else drill when over 60,000 people in this country rely on drilling for jobs? Quote Link to comment Share on other sites More sharing options...
Lkr Posted September 13, 2010 Report Share Posted September 13, 2010 http://www.foxnews.com/politics/2010/09/11/backs-b-loan-mexico-oil-drilling-despite-obama-moratorium/ This I don't get at all tbh. Why are we giving more money to let someone else drill when over 60,000 people in this country rely on drilling for jobs?because if the government was providing jobs to people in the country, republicans would still [expletive] about it and the oil industry becoming regulated Quote Link to comment Share on other sites More sharing options...
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