Follow the Money
8th December 2009
Power Line connects the dots.
As we have noted many times, the United States is the only country in the world that deliberately fails to develop its own energy resources. Other than instituting price controls, this is the single most destructive economic policy that a country can pursue, which is why no one does it except us.
With a market capitalization of more than $220 billion, Petrobras is one of the world’s 10 biggest companies. Over the past two years, it has been the most frequently traded foreign company on the New York Stock Exchange, trade data show. Among investors bullish on Petrobras is George Soros, who last year made the oil company the largest single holding in his investment fund, according to Bloomberg.
That’s right: the Godfather of the Democratic Party, who exerts his enormous political influence to prevent American oil companies from developing our own petroleum resources in the Gulf of Mexico and elsewhere, has placed his biggest bet–not on the United States, but on Brazil. If Exxon Mobil can’t compete in the Caribbean with Petrobras, the value of Soros’s Petrobras investment will skyrocket. That’s the sort of thievery that lies behind the Democratic Party’s deliberate hobbling of the American economy.