Tuesday, January 27, 2009

"Drill Like Brazil"

From the recent issue of IBD about how Brazil is investing billions into fuel production.... They produce ethanol and oil. Massive amounts, too. Maybe we should get on the bandwagon.

Such investments could have a similar beneficial impact on the American economy, and the irony is that the oil companies are willing to use their own money here if we let them. Yet, even more restrictions on U.S. domestic production are planned.

Thanks in part to a relentless pursuit of domestic energy resources to complement its ethanol production (an "all of the above" energy plan like that proposed by Republicans during the campaign), the Brazilian economy grew 5.8% in 2008 and is projected to expand 2.9% even in a tough 2009, according to the median estimate of 16 economists surveyed by Bloomberg.


A study by ICF International, commissioned by the American Petroleum Institute, finds that by 2030 the domestic energy resources that Congress has placed off-limits in ANWR, in Rocky Mountain shale and in the Outer Continental Shelf could increase U.S. crude-oil production by 36%, generate more than $1.7 trillion in government revenue and create 160,000 jobs.

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