After the America’s biggest oil dis­cov­ery in over 30 years, Brazil’s Pres­i­dent promises to put the money to good works. A dis­cov­ery of oil just off of Brazil’s coast could con­tain over 150 bil­lion barrels.

From this arti­cle from the Guardian, Tom Phillips gives us the details on Brazil’s hopes for the money.

Brazil­ian pres­i­dent Luiz Iná­cio Lula da Silva today vowed to pump bil­lions of petrodol­lars into the war on poverty in the wake of one of the world’s biggest oil dis­cov­er­ies this decade.

Speak­ing on his weekly radio show, pres­i­dent Lula said: “Mon­day, 31 August, rep­re­sents a new inde­pen­dence day for Brazil.

“We are talk­ing about a dis­cov­ery of oil that is almost 6,000m [under the sea], huge reserves that place Brazil among the biggest oil pro­duc­ers in the world.”

He claimed that new leg­is­la­tion he is plan­ning would allow prof­its to be used to “take care of” edu­ca­tion and poverty once and for all.

Brazil has been cel­e­brat­ing an unex­pected oil boom since Novem­ber 2007, when state-controlled energy com­pany Petro­bras dis­cov­ered the Tupi oil­field off Brazil’s south­east coast.
…

The dis­cov­ery of the region led Brazil to sus­pend the auc­tion­ing of all off­shore oil blocks pend­ing new leg­is­la­tion, intended to give the gov­ern­ment a larger slice of prof­its. Lula is expected to cre­ate a “social fund”, designed to chan­nel oil prof­its into poverty-reduction ini­tia­tives, and should hand greater con­trol of “strate­gic” oil­fields to the government.

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