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Oil-Rich Brazil Keeps Gas Prices High

By Bruno De Nicola, Contributing Reporter

RIO DE JANEIRO - Petrobras is set to launch the first part of a new project in the biggest oil basin ever discovered by mankind. The whole plan for oil extraction in the “Pré-sal” (Pre-salt) area will cost US$174 billion, leading the state company to profit from at least another two billion barrels. Despite these and other fruitful oil extraction measures, gas prices remain high at the consumer level.

The “Pré-sal” covers a very extensive area of 112,000 square kilometers just off the eastern coast of Brazil. It stretches 800 . . .

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