Brazilian Oil Discovery — New Offshore Drilling Needed In U.S.

by BWK ~ April 22, 2008

So Brazil may be home to the world’s newest discovery of 33 billion barrels of oil equivalent, eh?

It’s a shame that we in the US take such collective, if not perverse, pride that almost all of our outer continental shelf is off limits to exploration and drilling. As the Brazilians demonstrate time and again, there actually may be something to discover out there. But first you have to look.

Instead, we burn half the corn crop to make marginal quantities of motor fuel. It makes for both bad agricultural and energy policy.

If we need additional barrels of fuel, we simply import them from nations that tend not to like us very much. It makes for bad foreign and economic policy.

It’s such a shame. Governance does not have to be this dumb.

Click here for more on the Brazilian oil discovery.

Until we meet again,

BWk

Note: Byron King is a frequent contributor to the free e-letter Whiskey & Gunpowder. To receive daily insights into energy, oil, commodities and other natural resources sign up here!

Additional Resources:
Russia Has Peaked… Oil Decline In Siberia
The U.S. Oil Supply - A Look At Our Future Oil Needs
Less Oil From Mexico
Oil Above $110 - Oil Service Companies Set To Rise…
Oil Reaches A New High - Time For A Correction or $120 Oil?
Oil Prices Reach An All Time High
Oil Prices Surge - This Oil Stuff Sure is Getting Expensive… $100 Oil
Meanwhile, Out in the Oil Patch…
Peak Oil and the Sands of Time
The Debate About $100 Oil…
Market Insight - Fundemental Resource Demand Is There
Brazil’s Recent Oil Discovery
Alaska Oil Pipeline Corrosion
2008 Forecast - Sectors to Focus On…
$225 Per Barrel - The New Gov’t Standard For Oil
Increased Airline Costs - Fuel Costs
20% Fuel Savings From this “Dream” Aircraft
Who Thinks Oil Will Correct To $60…
Oil At $200 Would Mean What?…