OK, not really.
Offshore oil discovery could help make Brazil major petroleum exporter
Yes, it’ll take a half dozen years to start grabbing it, but fields such as these are going to be discovered again and again and again while “Peak Oil” freaks keep screaming that we’re running out.
Fausta’s blog has more and includes a nice little tidbit on why this discovery makes life very crappy for Chavez.
Damn I am on a roll today. Okay, I never fell for that dinosaurs the only thing that allowed the formation of oil. And how many times have we passed the “peak production” of oil. Sure, there is a finite supply of most anything on the planet, but for most of our oil, technology and demand have driven new methods of finding and extracting it. Look at Canada and the Yukon. Sure it is not as nice and easy as sweet crude is but it is there, and vast amounts of it. Now the price of oil has made it economically feasible and therefore in the long run, cheaper to continue extracting it. So oil companies make a profit. Good for them. They are also one of the few business that invest so much in long term plans and finds. It is pretty standard to take 20 to 30 years to actually tap a new reserve, taking into account finding it, probing, developing the method and infrastructure to extract it and use it.
Wow, I am on a tear, I guess that I just have a lot of pent up issues. Sorry for being so lengthy and tangential.
Oh, and did you see that the King of Spain told Chavez to shut up? I also like his use of the diminutive.
http://news.bbc.co.uk/2/hi/americas/7089131.stm