President Barack Obama has suffered the second embarrassment over oil imports within the space of a week. Brazil, whose offshore deposits of oil were sought by the Obama administration, has signed contracts with China for the product.
According to the Washington Times, Brazilian offshore crude may number about 38 billion barrels. Obama went to Brazil last month to put in a bid for the oil, offering loans and other support to develop the oil in an "environmentally responsible matter," The Hill reported at the time. Republicans criticized that initiative, pointing out Obama has placed roadblocks in the way of domestic development of oil and gas reserves.
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