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Here’s what they were saying about Brazil six years ago: it was entering a new oil bonanza, it was going to be bigger than Saudi Arabia, it was going to enjoy energy independence, all the graphs of oil production were going straight up, through the roof, to the moon, Alice. It’s oil reserves were 50 billion…no, 100 billion…wait, 240 billion barrels. (How do you sing “Happy Days are Here Again” in Portuguese?)
Sound familiar? Sound like what the same folks are saying about the United States today? Funny how they’re not singing about feliz dias in Brazil any more. How did things work out for them down there? Continue reading