Friday, April 25, 2008

Rio to the Rescue?

Uh Oh, more bad news about oil prices from

The report basically states that the rising demand for transportation fuel due to the growing number of cars in countries such as Brazil, China, India and Russia will cause prices to double in the next 4 years.

Rubin cites, for example, the recent launch of Tata's 2,500-dollar car that will allow millions of households in India to soon own automobiles.
He also notes that car sales last year were up 60 percent in Russia, up 30 percent in Brazil and up 20 percent in China.

Meanwhile has positive oil news.

Brazil's discoveries of what may be two of the world's three biggest oil finds in the past 30 years could help end the Western Hemisphere's reliance on Middle East crude, Strategic Forecasting Inc. said.

``The finds they've got so far are just the tip of the iceberg,'' Zeihan said. ``Brazil is going to change the balance of the global oil markets, and Petrobras will become a geopolitical supermajor.''
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