Brazil Builds $127 Billion "Offshore City" to Harvest Oil in the Deep Sea

Photo credit: Strocchi via Flickr/CC BY

Want to get a feel for how crazy the post-peak oil fossil fuels industry is getting? Here's as good an example as any: Brazil's state-owned oil company Petrobras is about to embark on an unprecedented oil-gathering mission. It's about to attempt to extract 30 billion barrels of oil from reserves that are locked in deepwater sub-salt fields at least 60 miles off the coast and up to five miles underwater. In order to get at the incredibly hard-to-get oily good stuff, Brazil is spending an estimated $...Read the full story on TreeHugger