Brazil's president declared the country independent of the need for foreign oil as he opened a huge new offshore oil rig in the Atlantic Ocean on Thursday.

President Luiz Inácio Lula da Silva flipped a switch and drenched his hands in the flowing oil. His gesture recreated one made by President Getúlio Vargas when he created the government-run Petrobras oil company in 1953.

Ironically, the new rig came online in the same week that oil prices set record highs.

Roughly 30 years ago, Brazil imported about 80 percent of its oil.

Petrobras says that when the huge new P-50 oil rig is producing at full capacity six months from now, Brazil's oil production will average 1.9 million barrels a day, slightly more than the nation's average daily consumption of 1.85 barrels a day.

VoA

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Great Victory !
written by Guest, April 22, 2006

But will this reduce the price at the pump ?

All self sufficient oil producing countries have energy prices lower than non self sufficient producers.

It appears that Brazil have gasoline pump prices higher than in the USA, despite having an overall much smaller wealth.

The comparisons could also be made against self suffcient oil producing countries. Brazil may very well have the highest gasoline pump prices.

Strange isnt it ?

This means that the society doesnt benefit as it should be.

TAXES, TAXES, TAXES, TAXES, TAXES, TAXES,

Is a Brazilian specialty, you even excel at them !

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we too
written by Guest, April 23, 2006

in canada we too are self sufficient in oil
and our costs are much greater than the u.s. but this is from taxes .we cross the border to fill our cars with our exported
oil products because the u.s. taxes are much less

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...
written by Lou Lou, January 12, 2007

hi

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Brazil...
written by Abby, March 03, 2007

so Brazil is self suffecient in its oil production. Is this the same for the mineral fuels it also produces?????? I've also heard that Brazil's mission in the past 30 years is to industrilize/modernize the country..

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...
written by Dalvino Felinto Soares, August 15, 2008

I hope oil discovery in Brazil befit its poor people.

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