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Brazil's oil euphoria hits reality hard - The Washington PostWhen fields said to hold billions of barrels of oil were discovered off the coast here, exuberant government officials said the deep-sea prize would turn Brazil into a major energy player.
More than six years later, the outlook for Brazil's oil industry, much like the Brazilian economy itself, is more sobering. Oil production is stagnant, the state-controlled oil company, Petrobras, is hobbled by debt, and foreign oil companies are wary of investing here.
"It's funny, a few years ago, everybody loved Brazil," said Roger Tissot, a longtime consultant on Latin American energy. "And now it seems the love is gone."
What did they do with the $2,000,000,000,000 Obama gave them?