Brazil’s oil gusher
Simon Constable, Dow Jones, and Gordon Chang, Forbes, talk to Lou Ann Hammond about her trip to Brazil and the Gulf oil gusher. Constable hosts the nationally syndicated John Batchelor radio show every other Saturday night.
While in Brazil at the Michelin Challenge Bibendum, the global alternative summit, President Lula spoke to the group, the first time a President had spoken at the event.
During that speech, Lula told the audience that by the time Brazil hosted the Olympics Brazil would be B12 – 12 percent bio-diesel.
Lula then talked about the Gulf of Mexico and the gusher that was polluting the global ocean. He said that BP needs to drill a well by the side of the gusher and implode the broken one. Lula also said that if this gusher were happening in the Rio Bay, where Brazil has all its deepwater oil, Brazil would not be treated as nicely as the United States.
Fatih Baril, the chief economist for the International Energy Administration, attended the summit and said that America would need to continue to drill in the Gulf because the United States is so dependent on oil.