Tuesday, April 15, 2008

It's amazing what $100/bbl will do 

Brazil has discovered what could be the third biggest oil reserve in the world, according to the head of the country's National Petroleum Agency.

The deep-sea find by state-run oil firm Petrobras could yield 33 billion barrels in reserves.

Further tests are required to assess the scale of the find, off the coast of Rio de Janeiro, but analysts say it could have significant implications.

Brazil announced sizeable new gas and oil discoveries last year as well.
Source. It was once said:
The cause of these new discoveries, or the cause of applying ideas that were discovered earlier, is the "shortage" of copper -that is, the increased cost of getting copper. So increased scarcity causes the development of its own remedy. This has been the key process in the supply of natural resources throughout history. (...Even in that special case there is no reason to believe that the supply of energy, even of oil, is finite or limited.)