US supports oil exploration, mexican oil co that is

RACER X · 09-14-2010, 07:56 AM

only on fox

http://www.foxnews.com/politics/2010...ma-moratorium/

U.S. Backs $1B Loan to Mexico for Oil Drilling Despite Obama Moratorium

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 agency, 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 rig 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.

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.

"Before deciding whether to approve applications for financing, Ex-Im Bank performs rigorous environmental, safety and financial due diligence activities, including on-site inspections" Policelli said.

"After financing is approved, the bank monitors the company's financial, environmental and safety activities and performs on-site inspections as often as twice a year," she said.

The 2010 request will support multiple PEMEX projects, including offshore drilling and a $200 million facility to finance sales to U.S. small businesses, Policelli said.

By law, the bank's financing is "directly tied to the export of goods and services produced or provided by American workers," Policelli said.

Since 1998, the bank has guaranteed $7.7 billion in loans that U.S. and international banks have made to PEMEX. The bank agreed to make the direct loan of $1.05 billion to PEMEX last year in the wake of the financial crisis when commercial lenders tightened their lending.

"This loan supported the purchase of U.S. goods and services," Policelli said.

Over that 12-year period, Policelli said, the bank's financing of PEMEX has "helped create or sustain the jobs of over 47,000 American workers at over 1,300 U.S. companies, including 915 small businesses and 400 large companies."

Gas Man · 09-14-2010, 10:39 AM

I must laugh at this... I'm sure the tree huggers are going ape shit.

Dave · 09-14-2010, 01:51 PM

Gotta share the wealth

tallywacker · 09-14-2010, 01:53 PM

Quote:

Originally Posted by Dave

Gotta share the wealth

You mean spread the wealth around.

Homeslice · 09-14-2010, 02:12 PM

The pandering to Mexico continues

Sean · 09-14-2010, 02:13 PM

And in news today, the Governator has put a stop to new drilling off the coast of California, right before he drove home in his diesel H1.

pauldun170 · 09-14-2010, 02:42 PM

Only fox and crap blogs are running this because it it a misleading story.

Its a story that caters to people who do not have either the time or the intelligence to look any farther.

"Obama Moratorium"
IS A FUCKING TEMPORARY.
What idiot thinks that everyone is going to halt EVERYTHING while the moratorium is in effect?
Things like securing lines of credit/loans/capital ballin pimp cash for current and future operations.

azoomm · 09-14-2010, 03:19 PM

Quote:

Originally Posted by pauldun170

Only fox and crap blogs are running this because it it a misleading story.

Its a story that caters to people who do not have either the time or the intelligence to look any farther.

"Obama Moratorium"
IS A FUCKING TEMPORARY.
What idiot thinks that everyone is going to halt EVERYTHING while the moratorium is in effect?
Things like securing lines of credit/loans/capital ballin pimp cash for current and future operations.

All it has done is create a longer process for companies to process their permits to drill off the coast of the US in the Gulf. And, open the door for PEMEX to pollute more in the Gulf. Off the coast of the US they are held to a standard. Off the coast of Mexico there is no standard to be held to.

Pfffffffffffffftt

Sean · 09-14-2010, 03:23 PM

Quote:

Originally Posted by azoomm

All it has done is create a longer process for companies to process their permits to drill off the coast of the US in the Gulf. And, open the door for PEMEX to pollute more in the Gulf. Off the coast of the US they are held to a standard. Off the coast of Mexico there is no standard to be held to.

Pfffffffffffffftt

Which is why the freaking environ-weenies should be PROMOTING drilling here in eco-nut California. If a drop escaped a well here there would be hell to pay, out in Nigeria they leak tons every day with no consequence. Your Prius still needs oil to run, which standards do you want to see it mined under?

pauldun170 · 09-14-2010, 03:44 PM

Quote:

Originally Posted by azoomm

All it has done is create a longer process for companies to process their permits to drill off the coast of the US in the Gulf. And, open the door for PEMEX to pollute more in the Gulf. Off the coast of the US they are held to a standard. Off the coast of Mexico there is no standard to be held to.

Pfffffffffffffftt

Which is all fine and dandy "who gives a nut" but it doesn't change that the article and "Talking points" it generates are misleading.

09-14-2010, 07:56 AM	#1
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	US supports oil exploration, mexican oil co that is only on fox http://www.foxnews.com/politics/2010...ma-moratorium/ U.S. Backs $1B Loan to Mexico for Oil Drilling Despite Obama Moratorium 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 agency, 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 rig 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. 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. "Before deciding whether to approve applications for financing, Ex-Im Bank performs rigorous environmental, safety and financial due diligence activities, including on-site inspections" Policelli said. "After financing is approved, the bank monitors the company's financial, environmental and safety activities and performs on-site inspections as often as twice a year," she said. The 2010 request will support multiple PEMEX projects, including offshore drilling and a $200 million facility to finance sales to U.S. small businesses, Policelli said. By law, the bank's financing is "directly tied to the export of goods and services produced or provided by American workers," Policelli said. Since 1998, the bank has guaranteed $7.7 billion in loans that U.S. and international banks have made to PEMEX. The bank agreed to make the direct loan of $1.05 billion to PEMEX last year in the wake of the financial crisis when commercial lenders tightened their lending. "This loan supported the purchase of U.S. goods and services," Policelli said. Over that 12-year period, Policelli said, the bank's financing of PEMEX has "helped create or sustain the jobs of over 47,000 American workers at over 1,300 U.S. companies, including 915 small businesses and 400 large companies." __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD. Last edited by RACER X; 09-14-2010 at 07:57 AM.. Reason: ack wrong section! please move

09-14-2010, 10:39 AM	#2
Gas Man Trip's Assistant Join Date: Feb 2008 Location: Imported from Detroit Moto: 2009 HD Street Classic Posts: 12,149	I must laugh at this... I'm sure the tree huggers are going ape shit. __________________ -Chris "Why pay somebody else to fuck up your bike?" Run Amsoil Product

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09-14-2010, 01:51 PM	#3
Dave Chaotic Neutral Join Date: Feb 2008 Location: Cherry Hill NJ Moto: GV1200 Madura, Hawk gt Posts: 13,992	Gotta share the wealth

09-14-2010, 02:12 PM	#5
Homeslice Elitist Join Date: Nov 2008 Location: SF Bay Area Moto: Gix 750 Posts: 11,351	The pandering to Mexico continues

09-14-2010, 02:13 PM	#6
Sean giggity Join Date: Nov 2008 Location: socal Moto: street, sumo & dirty Posts: 1,071	And in news today, the Governator has put a stop to new drilling off the coast of California, right before he drove home in his diesel H1.