President Obama opposes drilling for oil in the US. However, he is willing to loan billions to Brazil for offshore drilling. Perhaps the fact Obama's friend George Soros will make money off the deal helped change his opinion.
The Obama administration is financing offshore drilling off the coast of Brazil. According to the Wall Street Journal,
The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.