Federal Government Loaning $2.4 Billion To Build A Refinery…In Colombia

Thanks to government red tape, a new oil refinery hasn’t been built in the United States since 1976. Even though we’re still in the grips of a nasty national recession, with spiking energy prices exacerbating the problem, our federal government continues to stand in the way of domestic development of energy resources such as oil, coal and natural gas.

But that apparently isn’t stopping the federal government from supporting other countries developing their resources. Obama told Brazil that he was looking forward to America being a customer for their oil. Now comes news that the federal government is loaning billions to the construction of a new refinery…in Colombia.

(CNSNews.com) – The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery–in Cartagena, Colombia.

The money would go to Reficar, a wholly owned subsidiary of Ecopetrol, the Colombian national oil company.

“This is part of a $5.18 billion refinery and upgrade project in Cartagena, Colombia supplying petroleum products to the domestic and export markets,” the Export-Import Bank said in a statement.

The U.S. government-controlled bank says the $2.84-billion in financing it plans to undertake will be the second largest project it has ever done. The largest was $3 billion in financing for a liquid natural gas project in Papua New Guinea.

The statement released by the bank said that on April 7 the bank’s presidentially-appointed board of directors had “voted to grant preliminary approval for a $2.84 billion direct loan/loan guarantee” for the Colombian refinery project.

So the government stands in the way of private development of our fossil fuel resources here in the US, but has the taxpayers subsidizing development in other countries.

Meanwhile, we have a $1.5 trillion budget deficit and a national debt that is closing in on $15 trillion.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • mickey_moussaoui

    Barry is helping his commie buddies again, eh

  • awfulorv

    I get his plan now. In a hundred years, King Barack Obama, the third, will have the only oil left in the world, and can charge whatever he feels like charging, being King, and all. But wait, what if change happens, and it does have a habit of happening, just when you feel you’ve cornered the market?

  • Brady

    Don’t forget $4 per gallon gas on our way to $5!

  • http://pulse.yahoo.com/_4RKUEHF3NG2Z32RT4B5A3Y7HUE Kenny

    What’s the point? Isn’t a refinery anywhere else going to contribute to greenhouse gases?

    And considering nowhere else cares as much as us…won’t it be worse?

  • $8194357

    Follow the money trail…Who is going to benifit the most from the taxpayer being used as thier personal investment bankers and you will see who pulls the strings on the refinery. Just like Brazils off shore oil field we financed for Soros hedgefund, the international power players who reap the profits while using taxpayers as thier personel investment bank and you will see why or at least who is doing this.

  • DopeyDem

    Is it really government red tape or environmentalists that have prevented a refinery from being built?

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