Brazil has superpower visions

[Blue_Tires]

RIO DE JANEIRO, BRAZIL — Four miles under the ocean's surface off Brazil's lush coast lie billions of barrels of recently discovered light crude — a treasure that could transform the country into an oil superpower.

President Luiz Inacio Lula da Silva called it "a gift from God" and pledged to end chronic poverty and narrow the country's broad gap between the rich and the poor.

But before rhetoric becomes reality, Brazil must first get to the underwater reserves, among the world's deepest, and then manage a massive influx of wealth — a formidable task that has left other national economies awash in corruption and even greater gaps between the rich and poor.


Spending the proceeds
Jockeying for a cut of the proceeds has already begun.

Military officials are calling for increased military spending, stressing the need for a nuclear submarine program and new fighter jet fleet to protect the oil from rivals.

The nine fields discovered in the last year are thought to hold 50 billion to 80 billion barrels of light crude — more than four times Brazil's current proven reserves. With the find, Brazil could supply all of its own needs for nearly a century or become one of the world's top oil exporters.

http://www.chron.com/disp/story.mpl/headline/biz/6052572.html