Sunday, February 22, 2009

China Invests in Oil, Obama Invests in Tinkertoys

While The One was out stumping for his Stimuloid Porkgasm™ wherein we would spend $8B for a maglev train from Los Angeles to Las Vegas, the Chinese are lending some of their money to oil producers in exchange for lower oil prices in the future.
Brazil: CDB will loan Petrobras $10 billion helping the company continue its investment plan, especially relating to pre-salt oil and to aid in refinancing its outstanding debt. Details of the loan have not yet been released but will be finalized before a May visit to China by the Brazilian prime minister. Petrobras agreed to sell as much as 100,000 barrels of oil this year to Sinopec and increase it over time. Petrobras is planning to invest well over $100b over five years as it develops the pre-salt finds announced last year. The company has been seeking alternatives to international bank lending and bonds to finance its spending plan in the face of an international credit crunch.
Translated: Brazil's oil industry needs money to develop their massive oil deposits. China will need oil in the future to develop their nation.

China is loaning money to Petrobras to build more of these in exchange for lower oil prices.

Meanwhile, The One, along with financial genius Harry Reid, have invested in helping drunk chicks from Los Angeles gamble their money away in Las Vegas.

Look, shiny things and sparkly lights! Thank The One for that high speed rail to get us here! I feel so ... stimulated!

I can't write any more. This whole thing makes me sick.

1 comment:

TheBigHenry said...

I'll barf to that, KT.