Brazil Stiffs Obama on Oil Deal, Exposing President's Incompetence.

 

COMMENTARY | (Yahoo).President Barack Obama has suffered the second embarrassment over oil imports within the space of a week. Brazil, whose offshore deposits of oil were sought by the Obama administration, has signed contracts with China for the product.
According to the Washington Times, Brazilian offshore crude may number about 38 billion barrels. Obama went to Brazil last month to put in a bid for the oil, offering loans and other support to develop the oil in an "environmentally responsible matter," The Hill reported at the time. Republicans criticized that initiative, pointing out Obama has placed roadblocks in the way of domestic development of oil and gas reserves.
Brazil's decision comes on the heels of Obama's refusal to permit the building of the Keystone XL pipeline to bring oil from Canada's tar sands in Alberta to Texas oil refineries, according to the Los Angeles Times. The decision was criticized by Republicans as well as union officials who point out that 20,000 jobs the pipeline would bring would therefore not be created.
Unfortunately, Obama shows no sign of learning from his mistakes. A responsible president would move quickly to exploit more accessible sources of oil, lifting restrictions on domestic production and quickly signing off on the pipeline deal with Canada, an American ally. Obama, however, is doing neither of these things.
A new energy crisis this summer, brought on by turmoil in the Middle East, is not outside the realm of possibility. The bad news is Americans will suffer, just as they did in 1973 and 1979. The good news is Americans are likely to make their ire known at the polls in the fall. But months of turmoil and agony lay ahead until then.Read the full story here.