EIN News says, "Petrobras Aspires to Be World's Biggest Oil Producer. Petrobras will invest $224 billion over next five years with a target to produce 5.4 million barrels of oil and gas a day over the next decade, the most produced by any publicly quoted company in the world. (guardian.co.uk)".
Here's your answer to the futility of subsidizing alternate forms of energy. Our subsidization of ethanol production from corn was based on the Brazilian model of ethanol from sugarcane. Petrobras is the Brazilian government's oil company (socialistic). From the Petrobras announcement with respect to oil, it is apparent that they have no belief in the economics of ethanol as a fuel, in spite of the fact that they have large amounts of sugarcane, which is equivalent to corn as a basic raw material for ethanol production.
The obvious lead for us is to eliminate subsidies for ethanol production and DRILL, DRILL, DRILL for oil.
Some will cry that elimination of ethanol production will increase unemployment, but that is not necessarily so. More people will be employed in drilling and processing oil. Continued production of ethanol for fuel use is equivalent to the process of digging and filling in holes. Lots of work but no real progress.
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