Brazil May Triple Their Oil Reserves - 4/27/08

The Brazilian government announced that the Carioca oil field offshore may be the third largest ever drilled, which may hold 33 billion barrels of oil. Brazil holds an estimated 12 billion barrels of crude reserves, which is South America’s second largest deposit behind Venezuela. If the 33 billion barrel estimate for Carioca is confirmed this would make Brazil’s reserves surpass those of Libya, tripling Brazil’s oil reserves. More investments in new drilling will be required to confirm this.

Brazilian’s demonstrate time and again that there are actually natural resources to be discovered out there. You just need to look. Instead, in the U.S. we burn half the corn crop to make relatively small quantities of fuel. If we need more barrels of fuel we simply import them from nations who don’t like us very much.

Too bad the U.S.’s outer continental shelf is off limits to exploration and drilling. The environmental impacts are too great.

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