Tag Archives: Spain

Obama Chasing Spain’s Failure

Just last year Obama was telling America how “green” energy technology was the guaranteed pathway to energy security and independence:

“The future is here. We are poised to transform the ways we power our homes and our cars and our businesses”.

He said America risked falling behind the rest of the world in the design, production and implementation of renewable or “green” technology.  The nation he most often cited as the example for America’s green energy development to follow was Spain.

http://www.youtube.com/watch?v=t3UebL-x-sw

Spain announced on April 7, 2012 that they would halt all new renewable energy and co-generation projects.  Spain’s unemployment is running at more than 24%.  Every job created in Spain’s “green” energy sector cost 2.2 private sector jobs.

As recently as January, Spain’s Prime Minister Mariano Rajoy was making the campaign promise that he would not raise taxes.  This week he admitted that there would be a new Spanish VAT hike ranging between 18% and 21% and that budgets for local communities would have to be slashed.

“I said I would lower taxes and I am actually raising them. Circumstances change and I have to adapt to them.  The excesses of the past are being paid for right now” Rajoy said.

Thousands of people joined in a protest and marched in Madrid to support miners, who have been fighting against major cuts to industry subsidies.   Protesters supporting the miners threw objects at riot police, including fireworks, bottles and stones.  Police officers charged demonstrators and fired rubber bullets.  Five people were arrested and three people suffered minor injuries.

That is Obama’s grand vision for America?

Since Obama took office in January 2009, five million “green” jobs were promised, and as of 2010 225,000 had been created.  80% of the green loans, loan guarantees, and grants given out by Department of Energy went to Obama backers:

•SunPower, after receiving $1.5 billion from DOE, is reorganizing, cutting jobs.

•First Solar, after receiving $1.46 billion from DOE, is reorganizing, cutting jobs.

•Solyndra, after receiving $535 million from DOE, filed for bankruptcy protection.

•Ener1, after receiving $118.5 million from DOE, filed for bankruptcy protection.

•Evergreen Solar, after receiving millions of dollars from the state of Massachusetts, filed for bankruptcy protection.

•SpectraWatt, backed by Intel and Goldman Sachs, filed for bankruptcy protection.

•Beacon Power, after receiving $43 million from DOE, filed for bankruptcy protection.

•Abound Solar, after receiving $400 million from DOE, filed for bankruptcy protection.

•Amonix, after receiving $5.9 million from DOE, filed for bankruptcy protection.

•Babcock & Brown (an Australian company), after receiving $178 million from DOE, filed for bankruptcy protection.

•A123 Systems, after receiving $279 million from DOE, shipped some bad batteries and is barely operating. It cut jobs.

•Solar Trust for America, after receiving a $2.1-billion loan guarantee from DOE, filed for bankruptcy protection.

•Nevada Geothermal, after receiving $98.5 million from DOE, warns of potential defaults in new SEC filings.

That is only a partial list.

If this all sounds eerily familiar, it should.

Especially the part about how an elected politician is breaking a campaign promise to not raise taxes.  Obama said he would lower taxes and is actually raising them.   He will claim that circumstances change and American have to adapt to them.

One similarity is inescapable.  The excesses of the past are going to have to be paid.  Thanks to the failed presidency of Obama, those excesses have grown disproportionately larger.

http://mjfellright.wordpress.com/2012/07/12/obama-chases-spains-failure/

Fundraise and Fore! obama’s Answer to World Events

Israel issued warnings over security problems with Egypt. Militants from the Sinai Peninsula crossed over into southern Israel Monday and fired on a border security fence, killing one Israeli. The IDF moved tanks and other armed forces to the Israel-Egypt border in response to the attack. Egypt is on the offensive against Israel.

Egypt’s presidential election results lean towards victory for Mohammed Morsi, the radical Islamist Muslim Brotherhood candidate. Thanks at least in part to vocal White House support for the “Arab Spring”, which ushered the Muslim Brotherhood to Egypt’s presidency, Egypt is now likely to be more inclined towards acting offensively towards Israel.

Russia’s General Staff announced Russian Black Sea fleet warships may head for Syria, saying: “The Mediterranean Sea is a zone of the Black Sea Fleet responsibility. Hence, warships may go there in the case it is necessary to protect the Russian logistics base in Tartous, Syria”. Several warships, including large landing ships are ready for deployment. Russia supports Syria, an active agent for radical Ismanists in Iran, who also just happen to support the Muslim Brotherhood in Egypt. Russia exerts new influence in the Middle East while Russia’s President Vladimir Putin plays the White House like a fiddle.

The Euro survived over the weekend after a close call in Greek elections. Early market euphoria on Monday diminished when persistent uncertainty over the situation in Spain, Italy and other eurozone countries resurfaced. Despite Greece’s election result easing fears that the single currency will disintegrate, indications that Greece will run out of money in mid-July stalled initial market optimism. Multiple countries in Europe are now in economic decline after decades of following Socialist policies.

In France, Socialist President Francois Hollande was given a mandate to follow through with his tax-and-spend agenda when France’s Socialists won control of parliament on Sunday. Hollande now has the majority he needs to combat France’s debt crisis by following the very formula that created a debt crisis in France, Greece, Spain, Italy and the rest of the eurozone.

Meanwhile, in an address to the UN sustainability conference in Rio, Great Britain’s Prince Charles issued warnings about climate change. In a pre-recorded speech the Prince declared: “Catastrophic consequences of carrying on with ‘business-as-usual’ are bearing down on us faster than we think, already dragging many millions more people into poverty and dangerously weakening global food, water and energy security for the future”. The Prince then went on to say: “We do not have nearly enough knowledge on which to base the decisions that will be the best for the long term.” So, which is it? Either “we do not have nearly enough knowledge on which to base the decisions that will be the best for the long term” or we know enough to say “many millions more people” have to worry about poverty, food, water and energy security. You can’t have it both ways, “your majesty”.

In America, Al Gore cashed in on the hysteria he and his fellow climate change propagandists created when New York city Comptroller John Liu OK’d a $16.56 million contract with Generation Investment Management, the former vice president’s environmentally friendly investment firm. Generation Investment Management will help manage New York City pension funds to the tune of hundreds of millions of dollars. Given the track record of green energy capital investments, New York City pension funds are going to be another candidate for a taxpayer funded federal bailout. As with any investment management company, Generation Investment Management will earn their fees no matter what happens to the funds they invest. Apparently it pays to be a global warming alarmist. Perhaps Prince Charles fears the British Monarchy faces pending austerity measures and is just trying to get on the global warming gravy train.

Over the past three and a half years while current world events were taking shape, the White House has been spending money it does not have ala Socialist Europe. All the while enacting another big government socialist “entitlement” program to “nudge” Americans towards European style government dependency.

They championed bureaucratic violations of the free exercise of religion, using the presidential bully pulpit and complicit media lapdogs to convince uninformed voters that it was really a Republican attack on women’s healthcare.

Drones and unmanned airplanes began spying on private property in America’s heartland to ensure American Citizens are complicit with stifling new draconian EPA regulations. An EPA that is now attempting to redefine ditches as bodies of water in order to grant itself additional regulatory power.

Exceeding the Oval Office’s Constitutional and statutory authority to give work visas to a hand picked group of illegal aliens was deemed more important than creating a business friendly, jobs creating economic environment for American Citizens and legal immigrants.

This coming from an administration that pledged in 2008 that it would cut the federal deficit in half by the end of its first term. Instead, the size of the federal government, federal spending and the deficit are all at record high levels. The U.S. national debt has increased by over $5 trillion in less than four years, and after surviving WWI, the Great Depression, WWII, the economic disaster that was Jimmy Carter’s presidency and the global financial crash of 2008, the United States of America’s credit rating has been downgraded.

Insinuating his name into the online biographies of former Presidents and releasing a photo-montage of himself in his “private moments” became priorities, as did attending a record number of fund raising events and playing 100 rounds (and counting) of golf. Never mind that David Axelrod, his 2012 re-election campaign chief, called former President George W. Bush “out of touch” for playing golf while the country struggled with a bad economy.

That’s what his deep-pocketed out of touch with reality millionaire and billionaire Hollywood elite friends expect from their “cool” friend in the White House. To be truly “cool”, one must be seen as being above it all.

America and the world will be better off once the current Chief Executive of the United States begins spending his days playing golf full time as a former government employee.

God Save the Queen.

http://mjfellright.wordpress.com/2012/06/18/fundraise-and-fore-obamas-answer-to-world-events/

Europe Won’t Work in America

Spain’s economy is under such duress that the country is prepared to request a 40 billion Euro cash injection from the Euro zone this weekend. The request comes after Fitch Ratings reduced Spain’s credit by three notches on Thursday. This move will make Spain the fourth country to need a bailout since the European debt crisis began. The Spanish banking sector’s weakness and contagion from Greece’s debt crisis have put Spain’s economy in such a precarious position that the International Monetary Fund reported a need for 90 billion Euros to entirely cleanse Spain’s banking sector.

Much has been said about the problems of Greece and how those problems will impact the Eurozone. However, the size of Spain’s economy is over four times that of Greece’s. Spain’s 11.5% share of the Euro zone’s GDP has a far greater impact on European finances than does Greece’s 2.5%.

What the world is witnessing is the collapse of the European socialist economic model; the failure of government dependency. As more people become dependent on government, fewer people are left to pay the cost.

But it goes beyond simply spending other people’s money. The socialist entitlement mentality makes people less productive. As more and more people become less and less productive, an ever-smaller minority of productive people become responsible for shouldering the burdens of a completely lopsided, unfair system. When a tiny number of productive people are required to deprive themselves of the fruits of their own labor in order to finance the lives of the remaining population, where is the incentive for them to produce?

If that is not enough, reliance on a big government nanny state makes people less responsible for themselves, less self-reliant. That is the antithesis of the American way of life.

When European settlers colonized the New World, they left the security of Europe behind in favor of North America’s unknown wilderness. They left homes, family, friends and country behind in exchange for an opportunity to build better lives for themselves. They were freed from the constraints of Europe’s restrictive class system. They openly rejected the European way by leaving.

When the British Monarchy deemed to re-impose that system on Britain’s thirteen North American Colonies, that attempt was adamantly and thoroughly rejected. Hence the Declaration of Independence, the American Revolution and the founding of the United States of America.

When America’s pioneers ventured west to traverse the Great Plains and cross the Rocky Mountains they were completely self reliant. They took care of themselves. They didn’t have, want, or need a big nanny state government to take care of them from cradle to grave.

This is the stuff of which America is made.

Because it gives them control over “the masses”, “progressives” have long sought to fashion America after the European socialist model, to make Americans more government dependent. There was FDR with the New Deal and Social Security. LBJ gave America the Great Society, Welfare Programs and Medicare. Now obama forces upon an unwilling America the crown jewel of European style socialism; government controlled medicine.

Every time obama holds a press conference he sounds exactly the way he has always sounded: he inherited the worst economic crisis since the Great Depression. his policies are working, but need more time. Congress needs to quit stalling and enact more of his policies. The private sector is doing fine but to grow the economy government needs to spend more money to create more government jobs at the state and local level.

Coming as it does on the heels of the Wisconsin recall election, where such policies were rejected, this shows precisely how out of touch obama is with the private sector, how the economy works, American history and the nature of America’s people…and with reality.

Europe won’t work in America. Neither will an out of touch narcissist who insists on imposing a long rejected European system upon America.

obama, you are fired.

http://mjfellright.wordpress.com/2012/06/08/europe-wont-work-in-america/

Green Death

Eight regions of Spain have had their credit ratings cut as uneasy Spaniards moved their money overseas. Spooked by the questionable state of their banks, Spanish savers are now moving their money abroad faster than records have ever shown. Spain’s credit rating has been downgraded two notches and nearly 25% of Spaniards are unemployed

The Spanish newspaper La Gaceta ran a full-page article exposing the truth about Spain’s “green jobs” agenda, which just happens to have been cited many times by barack obama as the way “forward” for the United States. “Green energy” has now been exposed as a costly disaster that has undone Spain’s economy.

The Spanish Administration confessed “the increase of the electric bill is principally due to the cost of renewable energies.” It has now become officially recognized that the price of electricity, as well as increases in Spain’s debt are due to the extra cost of solar and wind energy. Additionally, the Spanish administration now admits that each green job that was created cost more than 2.2 traditional jobs in the private sector.

All evidence to the contrary, the obama administration insists on moving full speed ahead with its ill imagined, full frontal assault on the American energy industry, coupled with increased promotion of their “green jobs” fantasy.

Not only is coal America’s cheapest source of energy, the United States owns some the world’s largest coal deposits. Newly enacted EPA regulations now force a reduction in utility CO2 emissions to 1,000 pounds per megawatt of electricity. This regulation effectively bans construction of new coal-fired plants and will invariably lead to hikes in electricity costs. Since only natural gas meets the new emissions standard, the country’s electricity providers will be forced to pay the cost of converting to natural gas. One way or another, electricity prices will “necessarily skyrocket”.

Despite administration claims, obama’s hostility towards fossil fuels has led to reduced opportunities for domestic oil production. obama continues to call for the elimination of targeted tax breaks oil companies have been receiving for decades. The general public is largely unaware of the fact that those tax breaks are targeted chiefly for exploratory activities. Drilling for oil is an expensive, uncertain business venture. Even successful fields have limited lifespans. Besides, hiking taxes on new exploration is counter-intuitive to increasing production.

In addition to his open aggression towards traditional fuels, obama plans on “investing” more of American taxpayer money by doubling down on spending for wind farms, solar energy, homegrown biofuels and energy-efficient cars and buildings. The history of the administration’s “investment” strategy is fraught with peril.

Here are a few of the “green” “sustainable energy” failures that have already been supported by the current administration’s “investments”. Remember, all this financing was done using your tax dollars. Well, not exactly. It has been done with tax dollars to be re-paid to the Federal Reserve Bank and China by your grandchildren and great grandchildren. Plus interest:

Evergreen Energy-Which has filed for Chapter 7 bankruptcy, saying it’s “impossible to maintain operations” due to funding shortfalls. This announcement came after the company received $5.3 million in “stimulus” funds.

Amonix Inc.-A manufacturer of solar panels that received $5.9 million from the “stimulus”, laid off about 200 employees only seven months after opening a factory in Senate Majority Leader Harry Reid’s home State of Nevada.

Beacon Power Corp-Sought bankruptcy protection in 2010 after they received a $43 million loan guarantee from the Department of Energy.

Ener1 Electric-A car battery manufacturer, filed for bankruptcy three years after receiving a $118.5 million grant from the U.S. government.

These are all in addition to Solyndra-A solar panel maker that received a $535 million loan guarantee, then famously filed for Chapter 11 protection.

This is a mere taste of problems found when centrally planned big government intrudes into the free market. Not only is the spending inherently wasteful, the fact that these companies were in large part operated by big donors to obama’s political campaign points to the corruption involved when an ideologically captive, politically driven politician makes investment decisions based on cronyism. Two thirds of all energy loan guarantees or grants made by the obama administration’s Department of Energy have gone to his campaign donors or donation bundlers. Can you say quid quo pro?

All government energy subsidies should end. Energy companies should be free to compete without government interference. If and when “green” “sustainable energy” becomes a competitive solution, consumers will reward “green” companies that used private capital to successfully situate themselves in the market by purchasing their products. That’s how a free market works. That’s what’s made America the greatest economic success in the history of human civilization.

http://mjfellright.wordpress.com/2012/05/31/green-energy-death/

Greek Contagion: Run on Banks Accelerating

For weeks, Greek citizens and companies have been pulling money out of Greek banks at alarming rates as fears rise that the island nation will exit the Euro in a chaotic fashion. This week, Spanish banks are seeing record withdrawals signaling that Greece’s failing economy is having disastrous effects in other EU nations.

It has been long expected that Greece would exit the Euro with disastrous effects on other financially weak EU member nations. The PIGS (Portugal, Ireland, Greece and Spain) have banking systems that are on the verge of a liquidity crisis and need only a nudge to go into default. It would appear they will be getting a shove from Greece that will cascade throughout the EU.

The partially-nationalized Spanish bank Bankia has seen its shares lose more than 25% of their value on a report that customers had withdrawn more than a billion Euros in a single week. This run on Spanish banks is an echo of the bank run going on Greece where customers withdrew more than $900 million on Monday and another $600 million on Tuesday. Experts say that even though some level of withdrawals has been occurring for years, the Greek and Spanish bank runs of late are indicative of panic.

In an effort to slow the outflow of cash, Spanish authorities have announced that customer’s deposits are safe and that there is no “run on the bank”. But, why wouldn’t there be?

Greece has failed to enact austerity measures required to receive additional bailouts from the EU. Greek voters chose socialist candidates that promised to end austerity and that the EU would come to their rescue anyway – something that is looking much less likely. This, along with heavy depositor withdrawals, leaves Greek banks without capital and unable to operate. Within days or weeks, the system will collapse if the EU does not dump billions into the tiny island nation.

Spanish banks are in similar trouble. Bankia, now taken over by the government, is swimming in highly-toxic assets after Spain’s real-estate market crashed in 2007-08. Although the government took over the bank, the asset bomb is so large that a country with as much sovereign debt as Spain cannot manage to bail it out. Considering the nation’s debt crisis, Spain has no choice but to borrow money at ever-increasing interest rates.

With a report coming out today that American manufacturing activity suffered a startling reversal, the pressure on the global economy may be that one straw for the oft mentioned camel.

Greece is set to fail, Spain is close behind and Italy will likely be the next big story as their citizens and companies accelerate withdrawals and expatriation of the money ahead of a euro crash.

First stop Greece, next stop Spain

800px-Greek_riot_police_3

The austerity express may have already left the station in Greece but the pain train bringing massive fiscal cutbacks arrived in even greater force in Spain this past week. Unsurprisingly, austerity is just about as popular in Spain as it was in Greece – inciting violence, riots and general strikes in Barcelona and other major Spanish cities last Thursday. Protests erupted just before the announcement in Madrid of the biggest public sector cutbacks since Franco, Spain’s erstwhile right wing caudillo.

The Spanish government introduced a mix of spending cuts and new taxes amounting to roughly 27 billion euros in public sector cuts. The Spanish government plans to raise corporate tax rates, which will augment higher income and capital gains tax rates already implemented in December. Civil servants will see pay increases stop and consumers will pay higher fees to use electricity and gas. To be sure these are tough pills to swallow, especially in a weak Spanish economy suffering unemployment levels above 20% – the highest in the eurozone.

Tensions flared Thursday between the estimated 800 thousand protesters and riot police, causing injuries, detentions, and burned trash containers. Despite these disruptions Spanish officials have remained steadfast in their commitment to austerity.

Economy Minister Luis de Guindos, commenting from Copenhagen, said “Spain is going to stop being a problem, especially for the Spanish people but also for the European Union.” The new conservative government, less than 100 days old, has put concerns over the debt at the top of their priority list.

De Guindos and his government’s main concern is averting a financial disaster. The danger of rising interest rates on government bonds threatens total economic collapse. The bond yield on ten year Spanish bonds was at 5.4% last week though it was only 4.96% just a month ago (the US is about 2.2%). If investor confidence is shaky borrowing costs soar, something already witnessed in Greece where rates on government bonds exploded. When borrowing costs go up financing becomes very difficult if not impossible, particularly in times of sluggish economic growth and falling revenues.

But Spain’s situation, like that of Greece, is soon to be repeated throughout the Eurozone. Like it or not the austerity express is scheduled for trips to Italy, Portugal, Ireland, and even France and Germany. Even said, the eurocrats continue to discuss still more bailout funds with plans to combine ESFS (European Financial Stability Facility) and ESM (European Stability Mechanism) funds while others are pushing for greater IMF lending capacity all in the hopes of strengthening the euro “firewall.”

Meanwhile, across the Atlantic conservative lawmakers in Washington continue to fail to make any headway with major budget reform. House Republicans like Representative Paul Ryan and Congressman Jim Jordan of the Republican Study Committee have put forth viable proposals that could prevent a financial crisis in America, but none of them have any chance of passing.

Plus, as long as prominent Keynesian economists like Paul Krugman and Larry Summers continue to demote budget problems as “long term,” many Americans will remain convinced that Washington’s fiscal problems are remote from what is happening in Europe – an utter fallacy.

Ironically, instability in the Eurozone has been a source of strength for America’s bond markets thus far, making them a safe haven for investors fleeing Europe. However, that blessing won’t last long. What very few people in the Eurozone and in the US realize is that the game is over, the markets have already decided. As such the developed countries of the world face a very difficult choice: painful austerity now or financial catastrophe later.

Cameron Macgregor is a USNA grad and former Naval officer. He is writing his first book America Resurrected.

How Many Foreign Governments are Drilling for Oil, Gas in the U.S. ?

Interior Secretary Ken Salazar says he has no idea how many foreigners are extracting American gas and oil, while answering questions at a House Committee on Natural Resources hearing held on Nov. 16, 2011.

During the hearing, Rep. David Rivera (R-FL) told Salazar that his staff has asked two divisions of Salazar’s Interior Dept., the Bureau of Land Management (BLM) and the Bureau of Ocean Energy Management, (BOEM) for a list of foreign energy companies that own leases in the U.S.

Continuing a pattern of Obama administration appointees blatantly ignoring Congressional requests for information, Salazar and company refused or were unable to supply the information. The Secretary of the Interior of the United States of America appeared quite uninformed during this hearing on such things as how many foreign governments are drilling for oil and gas on American lands and offshore in American waters. The following are part of the hearing’s question and answer session with Mr. Salazar:

Rep Rivera: “It’s my understanding, in order for a foreign government owned company to operate in the U.S. and bid on leases in the U.S., they must first be incorporated in the United States. Is that correct?

Ken Salazar: : “I don’t know the answer that question.”

RIVERA: “OK. Well, recently, my staff contacted the Bureau of Ocean Energy Management and the Bureau of Land Management to try to get a list of all foreign government-owned companies that have leases in the United States. And they were surprised to learn that the government doesn’t keep a database of what companies are foreign government-owned. The foreign government-owned companies are just mixed in with the regular privately owned companies. So I believe it’ll be useful to at least be able to track these companies and what government owns them. Could you help me with that, get that information? “

SALAZAR: We will. And let me ask, for the record, Abbey or Beaudreau have any information on that question?

(UNKNOWN): It is correct that, in order to obtain a federal OCS lease, a company needs to be registered in the United States through the relevant State Department.

So federal energy leases must be registered with the State Dept., yet no one seems capable of telling Rep. Rivera how many foreign governments and companies are drilling for oil and gas in the U.S. They are either totally incompetent, or simply refusing to tell Americans the truth, take your pick there. Then the issues of Spain’s drilling for oil in Cuban waters 70 miles off of our coast came up.

Rep Rivera: A few months ago, I believe in June, you were in Spain and spoke to Repsol officials regarding their proposed drilling plans in Cuban waters. Is that correct, Mr. Secretary?

Salazar: That is correct.

Rivera: And in that meeting or any other meeting you’ve had with Repsol officials, did you — a topic come up or reiterate United States policy on doing business with state sponsors of terrorism or have any discussions to discourage their actions in Cuba?

Salazar: ( As he attempts to dodge the question) You know, our focus, Congressman Rivera, has been to make sure that we do everything within the legal boundaries that we can operate in to protect the environment and the people of the United States.

Rivera: So I would — I would that to mean more of a cooperative effort to make sure and protect the people of the United States, which is important, to make sure and do every possible measure to do that. But you’re telling me nothing was ever done by you to discourage their participation in collaborating with a state sponsor of terrorism in those offshore oil-drilling efforts. ( emphasis mine)

Salazar: We do not have authority over other countries on what they do with respect to their…
(CROSSTALK)
Rivera: I understand. I know you can’t stop them, but do you ever try to discourage?
Salazar: Our program, Congressman Rivera, has to been to make sure that we do everything we can within our legal power.
Rivera: OK. Well, let’s talk about the…
Salazar: … environment of the United States. ( still trying to deflect the real question asked)
Rivera: Let’s talk about the legal power. In terms of in terms of the — did you ever up bring up having the Bureau of Industry and Security also be allowed to inspect the rate (ph) to ensure that the Export Administration Act and the Export Administration Regulations 10 percent de minimum U.S. content rule were being respected, speaking of legal authority? Had that issue ever come up?
Salazar: You know, Congressman Rivera, this is an issue where the State Department and other agencies have the lead. And we are participating because of our expertise. But I do know whether those conversations took place, and I don’t have an answer to your question.
Rivera: OK, well, recently colleagues of mine here, along with Chairman Ileana Ros-Lehtinen sent a letter to the president regarding this issue. Mr. Chairman, with your permission, I’d like to ask that that letter be submitted for the record.
Chairman Hastings: Without objection, it’ll be part of the record.
Rivera: Thank you.
I think it’s of great concern by the lack of effort in this administration — administration-wide, whether it be your agency, State Department or anyone else, that no effort has been made to previous a state sponsor of terrorism to drill approximately 60-70 miles off of Florida’s coast and providing economic aid and comfort to the dying Castro dictatorship.
And I hope that, in the future, the administration will do everything to make sure that companies comply with sanctions that apply to businesses that do cooperate with sponsors of state terrorism, by perhaps, in your — in your agency, withdrawing leases on federal lands and waters.
That could be a start to certainly send a signal that that — that this type of activity is certainly frowned upon, collaborating with terrorist regimes.
Finally, Mr. Chairman, I’d like to draw attention with my colleagues, to legislation I have introduced with Congresswoman Ros- Lehtinen and Congressman Diaz-Balart and Representative Sires, the Foreign Oil Spill Liability Act, that would apply the same oil pollution act responsibilities and liabilities and Clean Water Act penalties that a domestic responsibility party would face to a foreign responsible party for a spill that pollutes U.S. waters and beaches.
The penalty, the liabilities would be triple. Currently, the burden is much lower on foreign spillers, forcing the American taxpayer to cover the cleanup costs, and members can contact my office if they wish more information on that legislation.
That’s all I have. Thank you, Mr. Secretary

Mr Salazar implemented a moratorium in the Gulf of Mexico( upon Obama’s orders) which stopped drilling and exploration  in June of 2010. Many rigs pulled out of the Gulf, possibly never to return. At the same time the Obama administration gave Brazil 2 billion taxpayer dollars to further their own oil drilling.  Ken Salazar went on another taxpayer funded junket to Spain to give his approval for Respol to drill 70 miles off the coast of America for a state sponsor of terrorism, Fidel Castro’s Cuba.

Thank you Rep. Rivera for demanding the truth about just how many foreign governments and corporations are now drilling for oil and gas in America and her territorial waters. It is nothing short of ludicrous that the Secretary of the Interior supposedly does not know this information, or just refuses to comply with congressional requests for the data. We the people have the right to know just who is being allowed to extract our own oil and gas, and why foreign governments and corporations are now taking precedence over American companies in our very own energy sector. China has the monopoly on the solar panel industry and now it seems like our government wants to allow foreigners to attain a larger share of the world’s oil and gas reserves, including those right here in America. ( The price of gasoline has risen another 20% since last week, just in time for the heavy travel season of Thanksgiving and Christmas/New Years.)
2012 just can’t get here fast enough!
Footnote: For a complete list of foreign companies drilling in just the Gulf region alone, see this fact-sheet, from virginia.edu. Major oil Companies Operating in the Gulf Region.