Petrobras in Trouble

Petrobras, Brazil's national oil company, has been a fairly bright star in the oil business. They have reported substantial deepwater oil reserves. This is supposed to be high quality light crude, but it is not going to come cheap and easy. And now, the credit crunch may put it out of reach for a time. Let this be a warning to the cornucopians out there who think we can "Party On Dude!" as gas prices drop. The party is not going to last.