Mysterious Oil Spill Could Cost Brazil Billions

Just as Brazil is preparing to hold what could be a blockbuster US$50-billion oil auction in early November, an oil spill of still unknown origin on more than 200 beaches along Brazil’s northeastern coast is raising alarms due to the government having been so slow to react with the clean-up. Fears of the government being inadequate in its monitoring of environmental disasters as domestic oil production continues to grow could threaten the nation’s offshore boom. Brazil’s Vice President has called the oil spill “unprecedented…