Thursday, April 24, 2008

Brazillian oil

Forecasters are now predicting that Brazil's oil discovery two weeks ago off the shores of Sao Paulo, the largest in thirty years, may help ween the Western hemiphere off of oil from the Middle East. It is projected that Brazil, by 2020, will be producing millions of barrels of oil a day, which will lessen US dependence on oil from other parts of the world, including the very unstable Middle East. Unfortunately, the drawback is that the US may reduce its presence in the region which may ratchet up regional hostilities. You can read more about this story at http://www.bloomberg.com/apps/news?pid=20601109&sid=aBUoYKhu7PWk&s=polyhoo

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