The President of Brazil, Luiz Inácio “Lula” da Silva, inaugurated the country’s new deepwater oil field on Tuesday. Trial extraction of oil by Petrobras began in the Jubarte oil field 77 kilometers off the coast of the state of Espirito Santo. The discovery of massive oil reserves has triggered a debate in Brazil on how to use the country’s newly discovered oil wealth to fight poverty and transform the South American giant into a developed country.
Brazil . . . will oil lead to progress? . . .
President Lula, who grew up in extreme poverty (he was a shoeshine boy and a street vendor when he was a child), called the reserves a gift from God that should be used primarily to benefit the country by using it to lift people out of poverty and investing in education and health. Brazil may change its laws dealing with oil exploration and may create a new corporation to manage the oil reserves or increase its stake in Petrobras, the state-owned oil production company. Read more about the debate in this link.
Brazil also looks set to enhance its military capabilities to safeguard the country’s newly discovered wealth. The Brazilians are looking to develop the capability to build nuclear submarines with help from France or as a joint project with neighbour Argentina. A good move, as the notorious international killer corporate oil mafia may try filthy tricks to lay their dirty hands on the oil wealth that belongs to the people of the Latin American country.
Accelerated efforts to build Brazil’s first nuclear submarine are under way . . .
An alien Earthling wishes Brazilians good luck in their endeavours to utilise the newly discovered oil reserves to eradicate poverty in Brazil and to transform the country into a developed one!
ha well where is the shortage now?
If I recall correctly, Mexico found a bunch of oil reserves in the 1980s. Oil prices were also high then, and Mexico went on a shopping spree. But the prices then dropped. Mexico suffered the Debt Crisis as a result. The situation was so dire that many dubbed 1980s Mexico’s Lost Decade. Oil is a blessing as well as a curse. Be careful what one wishes for.
I hadn’t heard about this. I learn a lot of interesting facts by reading your blog!
Dedicated Elementary Teacher Overseas (in the Middle East)
I guess as the dependence on oil grows, there will be some kind of shortage as oil is a limited resource. But the oil mafia 😡 have created an artificial shortage to jack up the prices and reap windfall profits even as the poor around the world are pushed to starvation due to the rising food and fuel prices.
Thanks for your comment. It’s sad that Mexico counted its eggs before they hatched 😦 But if the Brazilians are able to utilise their resources properly, Brazil can make a great leap forward!