Lungs of the Earth
extends its eternal vigilance to Brazil’s $11 billion crackdown on Chevron.
…Chevron didn’t do itself any favors in this case. It took more than a week to accept responsibility for the incident, initially describing the spill as a “sheen” caused by natural geological seeps. But an American oil company will have a target painted on its back wherever it goes. The real litmus test will be how Brazil reacts to an incident like this from a local company. Or rather *the* local company – Petrobras, which produces close to 90 percent of Brazil’s crude….
I’ve noticed Petrobras’ larger than life presence in Brazil has left oil almost entirely off the radar screen of one of the world’s most active environmental movements. It’s the pride and joy of the new Brazil, its logo is on everything, its shares are present in probably 99 percent of Brazilian retirement portfolios. No hot-to-trot state prosecutor is going to sex themselves up by chasing after Petrobras.