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OBAMA EXPLOITS THE GULF OIL SPILL CRISIS FOR POLITICAL GAIN
by Sharon Rondeau
(Jun. 28, 2010) — It has been reported that during the first quarter of 2010, Goldman Sachs sold 44% of its investment in British Petroleum (BP). Tony Hayward, CEO of BP, sold about one-third of his shares before the spill occurred on April 20.
The price of BP’s stock “plunged” after the explosion. By June 9, the company was worth roughly half of its value before the incident. BP’s 52-week lowest stock price was recently $26.75/share, and today it is virtually unchanged.
According to a May 5, 2010 report, BP has given millions of dollars to members of Congress over two decades, but the largest recipient of BP donations is Barack Hussein Obama. Sen. Mary Landrieu (D-LA), who supported Obama in his expressed support of lifting the ban on offshore drilling 15 days after the explosion of the Deepwater Horizon and subsequent spillage of millions of gallons of oil in the Gulf of Mexico, is “the top congressional recipient in the last cycle and one of the top BP cash recipients of the past two decades.”
A spokesman for the Center for Responsive Politics stated: “BP ranks among the most powerful corporate forces in U.S. politics.” Another report by the organization Open Secrets states that BP America, the lobbying organization of BP, has spent $3,530,000 this year as of April 25.
The day after the explosion of the Deepwater Horizon, a report stated, “Major mishaps aboard oil rigs are rare. But accidents like the Transocean Deepwater Horizon oil rig explosion show the risks as companies explore farther and drill deeper.”
An Admiral from the U.S. Coast Guard stated today that BP, which is charged with the cleanup of the oil spill, does not expect to its drilling of a relief well to cut off the flow of oil will be completed until August. The disaster has now entered its third month.
During the 2008 presidential campaign, Obama had said, “”When I’m president, I intend to keep in place the moratorium here in Florida and around the country that prevents oil companies from drilling off Florida’s coasts.” He had also said that he “would be willing to compromise” on that position “if it were part of a more overarching strategy to lower energy costs.”
Last summer, Obama approved a $2 billion loan to Petrobras, a government-owned Brazilian oil company, for offshore drilling in the Tupi oil field off the coast of Rio de Janeiro. Just one year before, Obama’s friend and supporter, George Soros, had invested $811,000,000 in Petrobras, bringing it to 22% of his investment company’s total holdings.
On April 1, 2010, 19 days before the Deepwater Horizon explosion, Obama had stated that he would approve “new oil and gas drilling off U.S. coasts for the first time in decades.” On June 15, he reversed his position and said that a moratorium on all new permits for offshore drilling was necessary because it was his responsibility to “ensure the safety of those who work on the oil rigs at sea.” It also increased the approval period for new permits from 30 days to 90 days.
Obama claimed that he had lifted the ban on offshore drilling because of alleged “assurances it was absolutely safe” but reversed it due to the Deepwater Horizon incident.
But is ensuring the safety of workers his responsibility? Is any industry “absolutely safe?”
On June 6, Obama declared that the Gulf oil spill “underscores the urgent need for this nation to develop clean, renewable sources of energy.”
On June 23, a federal judge issued an injunction against Obama’s declared six-month moratorium, stating that “the Interior Department had failed to show that the oil spill triggered by the Deepwater Horizon rig blowout in April meant that there was imminent danger on all deep-water drilling rigs.” Governor Jindal of Louisiana supported the judge’s ruling and asked that the federal government not appeal the ruling.
However, the Obama regime immediately stated that it would appeal the judge’s decision with a “two-pronged attack” by filing an appeal and issuing a new moratorium order, despite the fact that eight members of a 15-person advisory board to the Department of the Interior expressed concern that 33 projects would be put on hold and therefore harm the local economy, and that a moratorium could actually “raise the risk of oil spills.”
BP has invested $1.5 billion in biofuels aimed at replacing traditional fossil fuels, even though the company concedes that “crude oil is proving to be remarkably difficult to substitute.” The speech was made a week following the Deepwater Horizon explosion.
A video report from Alex Jones reveals the selloff of BP stock by both Hayward and Goldman Sachs before the oil spill and BP’s possible interest in dominating the “green” energy sector. Jones also questions whether or not the explosion was an accident. He also suggests that Obama is using the Gulf crisis as a reason to create a “clean energy future” in the form of Cap & Trade legislation. The New York Daily News, arguably supportive of Obama and liberal policies, has decried the “talented man who came to office with no shortage of vision” using “backroom deals” to push through legislation. Other members of Obama’s base are disappointed that he hasn’t made an effort “to seize the crisis as a real opportunity to pass meaningful energy reform.”
Today the Russian Deputy Prime Minister reportedly stated that BP CEO Tony Hayward planned to resign, although that was denied by BP representatives. Another report about BP’s expansion into Libyan waters states that Hayward “was replaced earlier this week.”
“Thousands and thousands” of sea animals have perished from the oil slick and recently hydrogen sulfide and cancer-causing benzene have been detected in the air in the Gulf region at levels far exceeding those recommended by OSHA. One firm has predicted that up to 1,000,000 jobs in the Gulf Coast will be lost over the next five years, real estate will lose at least 10% of its value, and that direct economic effects will be felt by Alaska in addition to the five Gulf states directly affected now.
A daily updated map of the Gulf oil spill can be viewed here.
Obama has appointed another “czar” to oversee a $20 billion “escrow fund” which Obama demanded BP fund as angry Gulf Coast region residents and business owners “grow frustrated over delays” and risk losing their businesses. The Louisiana Department of Health and Hospitals is asking BP for $10,000,000 to pay for “mental health services” reportedly incurred by the after-effects of the oil spill. The effects on the oyster and fishing industries could be felt as far away as Chesapeake Bay, which has traditionally gotten its supply of oysters from the Gulf of Mexico.
Meanwhile, Obama has sent out an email to his Organizing for America members to convince them to lend their support to a “comprehensive energy and climate bill” and continues to enjoy the golf course. He has also been entertained like royalty by the top names in the industry at taxpayer expense.
Former President Bill Clinton is recently said that the source of the oil gushing into the Gulf might have to be blown up.