By contrast, the Obama Administration first imposed an explicit moratorium on deep water drilling and then followed that with a
permitorium on deep water drilling. The Obama Administration has effectively shut down all new exploration and development in the Gulf of Mexico.
Luckily for Brazilians, even their government understands that affordable and reliable energy is the foundation for a healthy economy.
It is expected that deep-water oil fields off the coast of Brazil will
equal two thirds of the known oil fields in the United States. In other words, Brazil will not only become energy independent, but will also be able to export roughly 1 million barrels of oil a day to the rest of the world.
And it's not just Brazil cashing in on natural resources -- the Gulf of Guinea, the coast of Ghana, Liberia and the Turkish Black Sea all have active deep water drilling projects.
Sadly, the Obama Administration refuses to develop natural resources and create jobs, while even the socialist government that runs Brazil is doing the samba all the way to the bank.
Institute for Energy Research——
Bio and Archives
The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.