Brazil Squanders Oil Bonanza Even As Rousseff Declares Victory
Brazilian President Dilma Rousseff has put her government’s oil policies front and center in her re-election campaign. But there’s a problem. Brazil’s oil industry may be large and growing, but little of what Rousseff promised when elected in 2010 or before then as energy minister or chairwoman of state-run energy giant Petrobras, has come to pass. Instead, industry experts and Rousseff’s election rivals say her policies have led to stagnant oil output, increased dependence on imports and waning investor confidence despite Brazil’s huge potential. Oil nationalism runs deep in Brazil and Petrobras is a source of pride so Rousseff’s campaign has sought to tap into that, focusing on Brazil’s potential as an oil giant.
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