"In Brazil during the 1990s -- when oil prices
were low, the national debt was high, and the state oil giant Petrobras
was tapping into huge new oil reserves -- the backers of biofuels
struggled to keep their industry afloat. Then came September 11, the
Iraq War, soaring oil demand from China, dissent within OPEC, and the
oil shock that pushed prices over $70 a barrel. All of a sudden,
biofuels -- particularly ethanol -- were the new oil. Brazil, as the
world's largest exporter of ethanol, is a leader in developing this
energy source."
MIT Technology Review has a nice photo essay on the investment Brazil has made and how it is paying off for them and potentially for other countries
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