Brazil Oil Field and surging Gas prices

Oil prices surge today even as news of a deep water oil field found in Brazil breaks. The oil field is estimated to contain as much as 33 billion barrels of petroleum. Light, sweet crude has taken the place of gold and silver as a measure of wealth and power for the worlds countries. Brazil's current proven oil reserves are about 11.8 billion barrels, while The United States current oil reserves are 21.8 billion barrels. The discovery of the Tupi oil field in Brazil, a couple of years back, put Brazil on the map as a major player in the oil game. This discovery could make it the third biggest player in the world.

This field could change the minds of many who believe the worlds oil supply is running dry, but I hope that it is regarded just a little more time to find alternative fuels. The world can not let fossil fuels be the cause for world war three. We need to stop wasting time with corn ethanol, because it is only leading to food shortages and higher food prices. Its time we sit down and decide on a solution that is sustainable and does not cause and equal problem in effect. This needs to happen now, if people consider world peace a priority!

Recent reports have pulled back from the initial 33 billion estimate, citing they need more evidence to make such claims, but 5 billion barrels seems to be a pretty safe bet for now. Petroleo Brasileiro shares rose close to $125 early this week after this was released. Carioca and Sugarloaf Mountain are the speculated areas of the deep water petroleum fields. Petrobras is a state-run oil company highly regarded for its deep water drilling.