Brazil Finds HUGE Oil Reserve. What's This Mean For Ethanol?

As you know, Brazil has one of the largest bio-fuels programs in the world. About 18% of their country's fuel is ethanol from sugar cane. While Brazil did this to ensure that it was fuel self-sufficient, and didn't have to import fuel, greenies have been touting Brazil as a model for environmentalism. With the new oil find, it looks like Brazil is less interested in making the planet more green, and more interested in making some more green themselves.

BBC:

The Brazilian government says huge new oil reserves discovered off its coast could turn the country into one of the biggest oil producers in the world.

Petrobras, Brazil's national oil company, says it believes the offshore Tupi field has between 5bn and 8bn barrels of recoverable light oil.

A senior minister said Brazilian oil production had the potential to match that of Venezuela and Saudi Arabia.

Petrobras delivered its estimate after analysing test results.

Making Brazil one of the largest oil producers clearly removes them from any environmental model put forth by the greenies.

Naturally, the government is thrilled.

The news, which led to a sharp rise in company shares, was also given an enthusiastic welcome by the government.

The senior minister in charge of the cabinet, Dilma Rousseff, said if the deposits turned out to be as significant as first thought, it would place Brazil in the same league as Venezuela and countries in the Arab world.

With a reserve like this, the country could be transformed into an exporter of petroleum, she said.

"This has changed our reality," she said.

Yep, you poor greenies have just lost the "moral high ground" argument as it applies to Brazil. They don't give a damn about the environment ... they want to make money.

Let's not forget that this UN expert says it is immoral to use food crops for fuel.