The following report is excerpted from Jerome Corsi's Red Alert

A controversy developed when it was revealed the Obama administration is willing to spend billions of dollars to fund offshore drilling in Brazil while blocking U.S. development of oil and natural gas resources by continuing environmental objections to opening U.S. offshore drilling, Jerome Corsi's Red Alert reports.

Underlying the controversy was the disclosure that Obama-supporter and billionaire hedge-fund manager George Soros bought a $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund's largest holding. ....