George F. Allen's masters in the oil industry have had him going about spreading a lie about a supposed U.S. government loan to Brazil to finance oil drilling. Like so much of the nonsense from this cowboy without cattle, it's simply not true, as Politifact declared last week:
Allen says the U.S. government lent $2 billion to Petrobras, the state-owned oil company of Brazil.Allen is on notice: if he repeats this lie again then he should receive a "pants on fire" designation from Politifact. The tracker, blogger, or reporter who can catch Allen spreading this lie now, even after he's been corrected, should have a pretty good story.
He is referring to a preliminary agreement by the U.S. Export-Import Bank, an independent federal agency, to consider offering up to $2 billion in financing to help Petrobras buy American goods and services.
In 2010, Ex-Im agreed to guarantee a $308 million private loan made to Petrobras by JPMorgan Chase. There were no other transactions, and Ex-Im’s agreement with Petrobras expired this April.
The bottom line is that that Ex-Im did not directly lend any money to Petrobras. We rate Allen’s statement False.