First, in a petroleum-thirsty world, Brazil's oil discoveries are good news. Any Econ 101 student knows that when you increase the supply of something, the price goes down – not up. Not even OPEC can reverse the laws of supply and demand. Second, the possibility of Brazil's reserves falling under OPEC's rules aren't cause for alarm. If anything, a Brazilian seat at the OPEC table could mean greater stress for the cartel than it will for the rest of us.
OPEC ... Weaker than one thinks?
The sandal may shift to the other foot ... make that Havaiana?
