While Strangling US Oil Industry, Biden GIVES Bahrain Energy Corp Half-Billion Loan Guarantee

P. Gardner Goldsmith | March 18, 2024
Text Audio
00:00 00:00
Font Size


From the first week of the Biden Administration, MRCTV and others have covered its astounding, brazen attacks on petrochemical exploration, recovery, refining, and distribution – and we have discussed the inherently unconstitutional nature of federal claims to control the land, sea, mixing, transport, and trade of the oil and gas consumers so dearly desire.

Now, even as AMTRAK Joe and his cronies continue to crush the oil and gas market, TownHall reports that Biden is handing an oil corporation tied to the government of Bahrain a loan guarantee handout.


Writes Sarah Arnold:

“The Biden Administration approved a staggering $500 million for oil development in the Middle East as the United States’s oil supply will face a shortage by the end of 2025. 

The U.S. Export-Import Bank, approved a multi-million dollar loan guarantee for oil and gas development in Bahrain on Thursday, making it the fifth major project the bank has backed since President Joe Biden’s commitment at the 2021 UN Climate Conference in Glasgow with the Clean Energy Transition Partnership (CETP).”

How about these points to consider, at the outset:

First, the 2021 UN Climate Conference and Biden’s “commitment” do seem to contradict with this move. But, of course, the “anthropogenic climate change” canard is not proven, has numerous data-manipulation scandals tied to it, and should not be driving anyone to paroxysms of fear.

Related: Biden Offshore Drilling Plan Is the Most Restrictive In US History | MRCTV

Second, the very idea of a federal “Export-Import Bank” handing out international and world-wide corporate loans is offensive, unscrupulous, and toweringly unconstitutional. It would be morally and constitutionally wrong for the feds to hand out DOMESTIC loans, loan guarantees, or any other kind of subsidy; this simply shows us a broader application of the immoral and unconstitutional M.O. 

“The $500 million of financing was five times larger than what lawmakers were expecting. The bank told Bloomberg News that the loan guarantee will ‘increase the production of oil and the availability of gas to meet the future energy demand’ of Bahrain.”

Perhaps Biden can do a takeoff of Gene Kelly, dancing in the desert with an open umbrella that shields him from a shower of oil, as he croons, “I’m singing for Bahrain. Just singing for Bahrain!”

Cue his one-handed spin around a slick oil drill, as he spins more propaganda to hide the fact that his has been the worst, most anti-energy Presidency since Richard Nixon imposed price controls on America.

But, again, the fact that Biden is using US taxpayer cash to assist the Bahrainian government is not the only problem. The same kind of subsidy would be wrong if it were proffered to US interests, for any industry or goal. The brilliant flash of this international subsidy just serves to remind us of his hypocrisy and to bring to light the larger problem of political action stealing our choices, our cash, and our futures.

It takes a bit more digging beyond the TownHall piece to discover the government ties to the Bahrain company, because, of course, alarm bells might sound when reading the term “Bahrain company” but that might not mean the company is tied to the government of that middle-eastern nation.

Oilprice.com March 14 noted:

“Last month, Exim (the US Export-Import Bank) voted to notify Congress that it plans to underwrite a loan of more than $100 million to the borrower, Bahrain’s state company Bapco Energies, which would help it drill more than 400 oil and gas wells in the Middle Eastern country. The project will see the involvement of SLB, the world’s biggest oilfield services provider.”

It sure grew to more than $100 million.

By the way, SLB is a publicly traded corporation that has a history tracing back to the 1870s, with frequent connections to ARPA (precursor to DARPA, the US Deep State’s Defense Advanced Research Projects Agency) on the early internet front, and it, also, will benefit, as a subcontractor for the Bahrain work.

Related: Wall Street Journal: Biden Has Granted FEWEST Acres of Oil-Gas Leases Since Nixon | MRCTV

The takeaways here being that, again, government favoritism, fueled by US central-bank-created money and by taxation of you and your progeny all are working together to shower profits and oil onto, not the free market, but a crony-fascist system that simultaneously works to suffocate market-driven and market-answered demand-and-supply increases in what we can get for energy while it feeds the parasites who eat away at our lives.

This is just one example. It is galling, given the international nature of it, but it lets us see how the entire paradigm of government loans, loan guarantees, “investments” and other canards are poison, and stand in utter contempt of peace and freedom.