Want more domestic oil rather than less? Really? It’s yucky and smelly and Gaia winces in pain whenever we poke holes in her fragile body to get it, so that’s pretty terrible, but President Obama has become an energy activist. OK, let’s Win the Future: lend Brazil two billion dollars to help her develop her oil reserves and some in the Gulf as well; maybe we can call it all “domestic production” by declaring Brazil our honorary fifty-first state. Al-Qaeda, Hezbollah and Hamas may be active in Brazil and will appreciate our efforts. China needs oil and won’t love us any less either for helping:
The US Export-Import Bank … announced $2 billion in credit to Brazilian state-run oil giant Petrobras, Latin America’s biggest company, which aims to become one of the world’s biggest oil producers in coming years.
The announcement follows US President Barack Obama’s visit in which he sought to drum up business for US companies, adding the United States wants to “be one of your best customers” when Brazil starts pumping oil from offshore reserves.
Much of that oil will be sold to China, already Brazil’s biggest investor and trade partner:
Published ahead of a planned visit by Brazilian President Dilma Rousseff to China next month, [a] report said Chinese firms have announced investments of nearly $30 billion in Brazil, including $8.6 billion currently under negotiation.
The energy and mining sectors represented 90 percent of those investments, the report by the Brazil-China Business Council said.
But Chinese investors have also made direct or indirect purchases of Brazilian farm lands, especially for soy production.
China is seeking “a base for supplies of natural resources,” the study said.
Brazilian exports to China have also climbed rapidly, from $1 billion in 2000 to $30.7 billion last year:
These exports — mostly in soybeans, iron ore, oil and other commodities — helped Brazil secure an estimated $5 billion annual trade surplus with China.
Most Brazilian imports from China are manufactured products, which soared from $1.2 billion in 2000 to $25.5 billion in 2010 (emphasis added).