Brazil takes a major step toward oil self-sufficiency

Brazil, once almost completely dependent on imports for oil, is poised to mark an energy milestone that promises to shield it from the twists and turns of the international market. Early next year, Brazil will begin producing as much oil as it consumes, and shortly thereafter it'll join the ranks of the world's net oil exporters.

The accomplishments are due to a years-long push to find oil within Brazil's borders and to decades of government efforts to keep oil consumption low by encouraging the use of alternatives such as ethanol from sugarcane and soy.

The energy turnaround is astonishing for a country that in the 1980s imported 40 percent of its energy needs and whose fragile economy repeatedly has felt the inflationary pressure of soaring energy prices. This year, despite record-high world energy prices, inflation in Brazil has stayed low.

Six other Latin American countries - Argentina, Bolivia, Colombia, Ecuador, Mexico and Venezuela - also have reached the self-sufficiency mark and are producing at least as much oil as they consume.

(2005-12-10 00:23:29 SGT) [Energy] Permalink

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