Oil companies are extremely interested in Brazil because of their coveted supply of offshore oil. There are billions of barrels of oil trapped under a thick layer of salt off the shore of Brazil that oil companies are trying to get their hands on by dropping a lot of money on Brazil. In order to see which country will get how much oil, there will be an auction where countries will compete for the biggest share of oil.
This oil situation is important because in about a week there will be Brazil’s presidential election. The candidates in the election are split upon whether or not to slow down the oil auctions, revise the legislation, and even take back the areas with oil that they already handed out.
My opinion on this matter is that I think Brazil needs to revise their process of opening their oil for international oil companies. They to revise it in a way that they can make maximum revenue on both selling area to international oil businesses and also keeping area for themselves and helping the local oil businesses in Brazil by giving them area to drill for oil because of the rising oil prices, doing this will help the people in Brazil and also help boost the economy in Brazil. Selling area to other countries and international companies will help Brazil in the long run because they are doing good for other countries by giving them area to drill for oil which means those countries will help Brazil in the long run.