United Nations looks to extract significant profit from Brazilian offshore oil bonanza

Over the weekend, the Rio de Janeiro newspaper O Globo published this story about the United Nations looking to grab (the verb that the newspaper used translates "to bite") up to 7% of profits of the emerging gigantic offshore oil fields off southeastern Brazil. On the surface, this story is somewhere in significance between President Obama's eagerness to support Brazilian energy independence (at the expense of our own) and the onerous treaties the United Nations would like to foist on America...the United Nations claim to the sub-equatorial oil is from the Montego Bay treaty of years back.  Brazil's "Pre-salt" oil fields contain potentially 60-80 billion barrels of oil and 1 trillion cubic feet of natural gas, which could translate into hundreds of billions for the U.N.  Leaving aside the potential payoffs to the President's friends at Turtle Bay, this brings up a different question. Consider the oil and oil transmission lines that the United States is being blocked from...(Read Full Post)

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