Wednesday, April 16, 2008

Brazilian Oil Boon

Really? The claim - as yet not fully substantiated by researchers - is that Brazil has newfound offshore oil reserves estimated at over 30 billion barrels, possibly more than that. This adds to Brazil's existing 12 billion-barrel reserves. By comparison, the United States has an estimated 21 billion barrels in proven oil reserves. If this new discovery at Carioca-Sugar Loaf and other possible reserves play out, Brazil might come very close to or surpass Russia in proven reserves.

Look for commentators coming out of the woodwork to scoff at the peak-oil thesis.

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