IDLED OIL RIGS ARE MOVING TO BRAZIL Following Obama's Drilling Moratorium
Barack Obama’s oil drilling moratorium will cost tens of thousands of American jobs.
But, not everyone will suffer.
Oil companies are planning on moving their rigs from the Gulf of Mexico to South America off the coast of Brazil where the government is more friendly to energy corporations.
Reuters reported, via Free Republic:
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.
“What is bad for some may be good for others,” said Fernando Martins, Latin America Vice President for GE Oil and Gas, which provides services to drillers in Brazil.
“Since operators are shutting down at least temporarily in the U.S. Gulf, some companies are planning to move their rigs to Brazil now,” he said, without offering details.
By the way… The Obama Administration fudged their report to push for the oil drilling ban.
Barack Obama urged the Democratic Congress to pass his new tax on oil companies yesterday.
UPDATE: At least Barack Obama’s buddy George Soros will make some money off the deal.
Hat Tip Larwyn