Team Biden approves $500 million for oil drilling-in Bahrain
The US gets the majority of its oil from the Western Hemisphere. (RealClearEnergy)
Team Biden’s enthusiasm for shutting down non-green energy production in the U.S. appears to not extend to overseas development in this area. The U.S. Export-Import Bank approved $500 million in loan guarantees for gas and oil development in Bahrain. This bank approved the loan to increase oil production and gas availability.
From The Daily Caller:
The Biden administration is providing financing for oil development in the Middle East after taking numerous steps to restrict domestic production, according to Bloomberg News.
The U.S. Export-Import Bank — a nominally independent government entity that aims to boost the American economy “by facilitating the export of U.S. goods and services” — approved a $500 million loan guarantee for oil and gas development in Bahrain on Thursday, according to Bloomberg News. The funding follows the Biden administration’s decisions to release the most restrictive offshore oil and gas leasing schedule in American history and cancel seven previously-issued oil and gas leases in Alaska, among other actions intended to rein in domestic oil production.
The Export-Import Bank’s loan guarantee will “increase the production of oil and the availability of gas to meet the future energy demands” of Bahrain, the institution told Bloomberg News. The $500 million of financing was about five times larger than what some lawmakers were anticipating.
Six Democratic lawmakers, including Sens. Jeff Merkley of Oregon and Bernie Sanders of Vermont, wrote a Tuesday letter to the Export-Import Bank in which they implored the agency to not move forward with $100 million of financing because of potential negative ramifications for the climate. After the $500 million loan guarantee was announced, Merkley proceeded to describe the Export-Import Bank as a “rogue agency,” according to Bloomberg News.
The Daily Caller provides additional information here.
Category: Global Warming, Government Incompetence, International Affairs, Joe BIden
Cheaper than one Trump (D/NY) lawsuit?
Maybe Trumps lawsuit money is what they put up as collateral.
I still don’t think it’s right that woman got 80 million because she said Trump did the dirty with her. I could totally go to court and tell people that Trump did the dirty on my manhole cover I just can’t remember when or where, for 80 million dollars. For an extra 10 million I would tell them I peed on him.
The bank Case was even more ridiculous.
Agreed.
Yup
He wishes Trump would give him that much attention.
He has been gainfully enemployed from SNL since Donald has been out of the white house.
Another case of acute, incurable TDS.
I prefer to call it trump Acceptance resistance disorder, TARD for short. He makes it run his life adding the word “operative to the end of that, making him a TARDO.
Lawfare, baby. You don’t think those shyster lawers are working for free. TDS crazed George Conway persuaded one of his billionaire pals to bankroll the looney woman’s lawsuit. IMHO, she is crazier than a shithouse rat.
The $$bag that is paying is a teke nerd that went to a certain island on a certain plane three times.
The United States became the world’s largest producer of oil under Trump. Biden tried to reverse that briefly in 21 and early 22 which helped to drive through the roof.
Since then he has done a 180 on oil. This year the United States became energy independent for the first time in over 40 years. I imagine if he were reelected, he would go back to trying to get rid of it, because he doesn’t have to run for reelection again.
You would think if we were energy independent again, my gas wouldn’t be 3.69 gallon (as of this past thursday), and they would be proclaiming it from the treetops.
Unless they’re afraid of the eco weenies…
It’s a simple supply and demand thing. While world production is going up demand is also going up. It’s still a lot cheaper here then it is in Europe. Even in the cheapest countries in Europe gas is at least $5 a gallon.
Probably due to taxes as to why gas prices are higher there than here. I’m not up on my dollar/euro values, but I did read it convert roughly to 3 to 4 bucks per gallon.
As of today, the local QT price is 3.85. Not really travel season 2 weeks out from Easter.
https://uk.motor1.com/news/702752/how-taxes-affect-fuel-prices-europe/
I don’t know where you live, but say in North Carolina the taxes are going to be about 58 cents a gallon. That is $0.40 for North Carolina taxes and 17 cents federal tax.
https://tax.illinois.gov/research/publications/bulletins/fy-2024-14.html
On the other hand, beer is cheaper there. And who needs to drive when the pub or gasthaus is just down the street?
No, this year, the US did not become energy independent for the first time in 40 years. That happened in the second or third year of the Trump administration. You must be ignoring that pie chart above; it shows we only produce 38.8 percent of our oil. The rest is imported.
Biden’s admin had Congress appropriate five billion dollars to build electric car charging stations every fifty miles of freeway. Half of them were supposed to have been built by now. But guess how many; four or five. Any one else wonder if The Big Guy has got or will get his 10 %.
If there was demand for those charging stations they would’ve been built by now (assuming big daddy G wasn’t in the way, which they are now!).
These people have no faith in the free market, i.e. Not-Americans.
Sort of, for brief periods. Here is a longer discussion on that.
https://en.wikipedia.org/wiki/United_States_energy_independence
How do I make the letters for FJB, and his handler, Obama, bigger?
Half a billion to a part of the world that hates us, we don’t have money to finish a border wall so just let everybody in, and screw the citizens while they’re at it.
Life is good away from the unwashed masses.
And we are “loaning” this money, why? Maybe it’s because we have so many politician’s children that have experience in the gas business that need a job? I reckon that if the borrowers default, $500 million out of a $34 Trillion debt is just walking around money.
This madness of politicians using the American Taxpayer as a world wide Piggy Bank has got to stop…one way or another.
Two reasons why.
It’s called soft power. In order to maintain the dominance of the dollar throughout the world It has to be in use. I bet you 500 million that nobody defaults on the loan.
The other reason is because Chevron has been hired too do all the work. This does provide a lot of American jobs. Plus they get the expertise of Hunter Biden on tap who totally knows how to run an oil company based upon his experiences in the Ukraine. In fact I don’t even know why he’s not on the board of directors for Bapco.
The 14 million dollars that Chevron donated to Democrats in the last election cycle has nothing to do with it. I’m like 16% sure.
Beach Boys made more than that off the song….
So, under “Bidenomics” even the oil industry needs government bailouts?
Actually it’s how the United States has done business for the last 90 years. Without Donald Trump, that would not even have been possible.
https://www.voanews.com/a/in-win-for-boeing-ge-trump-says-he-wants-to-revive-export-import-bank/3808285.html
Anyone here surprised?
Nope.
Team Bidet is financing another country’s ability to increase its global leverage by turning off a bigger oil tap.
How is this a benefit to the US or to the global economy?
It’d be a worthy cost… for a private company to do!
Is Exxon too busy cooking up carbon credit schemes to provide actual energy?
Also, that chart only tells part of the story. If you look at the import/export of refined distillates the picture gets clearer and fuzzier at the same time. We still export a good amount and had been importing a chuck of refined diesel from ‘that country that shall not be named’ (iirc, haven’t stopped either. just slowed).
What are you saying -Dog?
Oh, glad you asked! If this bullshit administrative tyranny doesn’t stop we will lose any benefit we have of refining our own fuels. It’s hudge.
The Powers That Be, under ‘clean air equity’ and ‘reducing carbon emissions’* have been slow walking or outright quashing new refinery plans, additions, rehabs.
These things don’t go up overnight and take a crapton of investment to keep running, often running on preplanned operations for months at a time with scheduled maintenance an all-hands affair that make Division-level unit inspection look meek.
We need more distribution pipelines for both product and raw plus a doubling of refineries, minimum.
*’reducing carbon emissions’ for the US. The rest of the world can build whatever they’d like.
Also, coal. Bring back coal. LOTS OF COAL. We have 600 years of the stuff just sitting under
MethWest Virginia.Have we refilled our strategic oil reserves? Didn’t think so.
Short of Nuclear Armageddon coal is never coming back.
Except for China, they merrily burn the sh*t like crazy.
Not to mention the at least 350 year supply we have in Wyoming’s powder River Basin as well.
MY only question is just how big of a kickback are Biden and Company getting along with his handler, B. Hussein 0bama?
Come on, Proud…we all know the going rate is 10% to the Big Guy!
Why does US oil cause climate disasters, but middle Eastern oil is acceptable? The area in ANWR they want to drill in is so far north it stays under ice most of the year, but we can’t disturb it. Seems confusing to me, we dump out the strategic petroleum reserve to stabilize gas prices,but we can’t contemplate drilling and using our oil reserves to save environment.
Yup. Shut down domestic production to support the Green Fantasy, then go begging OPEC to increase production. Then, when that fails, spend millions of taxpayer dollars to develop sources in the Middle East. Fucking brilliant.
Don’t forget they have to completely drain the strategic reserve and sell it to China first.
Loan me a dime?
https://m.youtube.com/watch?v=dZfOaIbfjhM&pp=ygUfYm96IHNjYWdncyBjYW4geW91IHNwYXJlIGEgZGltZQ%3D%3D