Obama bans US drilling, backs $1Billion Mexican drilling

Obama bans American oil drilling in Gulf, backs $1billion loan to help Mexico drill in Gulf.

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.

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