MDW was keen on Petrobras early on, but then quickly bailed. For two reasons:
- a) it ain't easy drilling that deep
- b) Brazilians aren't going to let oil threaten their pristine beaches -- especially with the Olympics coming up
At the link:
Credit-ratings agency Moody's Investors Service said late Monday it has cut its credit outlook for Brazilian state-run energy giant Petroleo Brasileiro SA, citing rising debt levels and growing uncertainty over how quickly the oil company can bring new production on stream.
Moody's changed the outlook for Petrobras to "negative" from "stable" and also questioned how quickly Petrobras can boost cash flow given the company's massive investment plan, rising costs and losses in its refining operations. Petrobras did not respond to requests for comment on the change.
A Note to the Granddaughters
I had forgotten how inexpensive it is to go grocery shopping in San Antonio. Turkey at 88 cents/pound. A load of white bread for 88 cents. I think HEB has held the price of 88-cent white bread at this price for three years. It is quite incredible. One of the best things HEB has is all the coupon-in-the-store sales. Very, very well done, and quite unique. And now, in my neighborhood in San Antonio, is a brand new Trading Joe's store. For Californians, imaging the Trading Joe store you like the best, and then imagining it 50% better and you get an idea of this brand new Trading Joe's store overlooking the "Quarry" golf course. It is quite incredible to say the least. Two-buck Chuck is three-buck Chuck here: I don't know if that's the current price in California. I will have to check that out. Wine and beer is incredibly inexpensive compared to what I noticed in the Boston area. But 88 cents/pound Turkey. Wheaties is priced about half what I recall in Boston.
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