#1 Brazil currently has proven oil reserves of 14 billion barrels, over half of which have been discovered in the past five years.
In between this one statement, and the fact that they "found" a 5-8 Billion barrel reserve yesterday puts lie to the theory that "we're running out of oil." We're not running out, it's just becoming more and more expensive to get it out of the ground. Off shore South American finds could go a long way toward stabilizing any hurricane effects we feel here domestically. Sure, Brazil is not real close to Chavez's "proven reserves" yet, but just stumbling upon over 14 BILLION barrels just in the last 5 years is fairly remarkable! We're just heading off-shore now, is all. |