Obama Administration Bankrolls Brazilian Oil Company to the Tune of $10 Billion

By: Steve Maley (Diary)  |  August 7th at 06:01 AM  | 

Petrobras, the Brazilian oil giant, has discovered world-class oil fields, estimated to contain in aggregate some 80 billion barrels of oil, in the deepwater offshore Brazil. Developing the reserve will be expensive, as the deposits are located beneath 2,000m (6,600 ft) of water and 5,000m (16,400 ft) of sediment, including a thick layer of salt. The company plans to spend $29 billion through 2013 to | Read More »