FOXNews.com - U.S. Backs $1B Loan to Mexico for Oil Drilling Despite Obama Moratorium

FOXNews.com - U.S. Backs $1B Loan to Mexico for Oil Drilling Despite Obama Moratorium:

Despite President Obama's moratorium on U.S. deepwater drilling in the Gulf of Mexico, the U.S. Export-Import Bank intends to guarantee $1 billion in loans to PEMEX, the Mexican state oil company, to bolster the company's oil drilling in the region.

The bank, which is the official American export credit agency, loaned more than $1 billion to PEMEX in 2009 -- when the company was the bank's largest borrower -- in support of its drilling activities. That year, the bank also guaranteed two loans totaling $300 million made by a commercial lender."