Brazil Discovers Huge Oil Reserve - Resume Conspicuous ConsumptionS

Petrobras, the state run oil and natural gas company of Brazil, has announced they have discovered an off shore oil reserve of as much as 33 billion barrels of crude. That prospect places it at about the third largest known reserve in the world. Given that this is an all new oil reserve and it should start producing in about 10 years time, we're assuming gas will be back down to a dollar and change right about the time hybrids and government regulation will have sucked all the fun out of driving. That 35 MPG CAFE mandate is going to look awfully silly when people start filling their pools with skin rejuvenating crude oil. [YahooNews]