New discovery of Oil Reserves in Brazil ?

Will these lower the price of oil in the US ?





# Story Highlights





# Petrobras president: Oil found would give Brazil the world's eighth largest reserves





# Petrobras: Tupi field has equivalent to 40 percent of all oil ever discovered in Brazil





# Brazil became a net oil exporter only last year





# Presidential chief of staff: Oil find will put Brazil on level of Venezuela, Arab nations














http://www.cnn.com/2007/WORLD/americas/1鈥?/a>New discovery of Oil Reserves in Brazil ?
Probally not,





People seem to forget, the 10th largest oil field ever found, was found earlier this year by Chevron under the Gulf of Mexico, 100 miles south of New Orleans.





That field is twice as large as the field just found off the coast of Brazil.





It is equal to or slightly larger than the Prudhoe Bay oil field.





With the new find, Brazil will have an oil reserve of 19 billion barrels.





The new field found near new orleans, is estimated to hold 15 billion barrels.





Reserves of major oil nations:





Saudi - 267 billion barrels


Canada - 179 BBL


Iran - 132 bbl


Iraq - 115 bbl


Kuwait - 104 bbl


UAE - 98 bbl


Venezuela - 79 bbl


Russia - 60 bbl


Lybia - 39 bbl


USA - 36 bbl


Nigeria - 36 bblNew discovery of Oil Reserves in Brazil ?
No matter how much oil is found, we need to get off of it as a fossil fuel. We are already endentured to the Saudis. We don't need to be endentured to the Brazilians as well.
A big discovery that Brazil can export because the run most of their vehicles on alcohol. It's a big shot in the arm regarding, ';supply';. However, the oil brokers will ignore it and find new excuses to continue raising the price of crude.
Don't let Bush find out, he will invade Brazil.





He might say they have WMDs.
Great - how long before we de-stabilize THAT goverment and get everyone mad at us.





Either that or we become their lapdogs like the we are for the Saudis.
Very unlikely. Whether or not Brazil joins the OPEC cartel, the price of internationally traded oil is virtually fixed and it is to be expected that Brazilian oil will sell at the same price as oil imported from other countries.
There's a long time and a big expense between '; discovery'; and proiduction.
It would be a good thing if Brazil found a new source of oil because they have little need for it. They run all of their cars on alcohol made from sugar cane.
Not really--it will take years to devlop. By which time no one will want it. Oil is obsolete--an expensive and outdated 19th century technology. It's no longer competitive with modern energy producition technologies.