Mao Maoing the oil revenuers

A handful of Brazilians suspect that their sinecure might be drilled out from under them;

The Federation of Petrol Unions (FUP) convened around 1,000 people Thursday night in Rio’s Plaza Candelaria, from where they marched to Petrobras’ headquarters to set up camp. The protestors intend to maintain their camp until Monday, when they plan to move to the hotel where the auction would be held to sell off the rights of Libra, Brazil’s huge deepwater oilfield, over to private companies.

A union leader identified as Mao Mao said those protesting would be willing to face National Guard security forces if necessary.

“We are going to fight against privatisation until the last minute,” claimed Mao Mao, who described the government’s project to auction off the Libra oilfield as an “atrocity”.

A guy who took that nom de guerre would presumably know about atrocities. But, not much about economics;

FUP representatives say they are protesting out of concern over the “risks to Brazil’s sovereignty that may arise if the large oilfield falls into the hands of transnational oil.”

'Fall into' only if they pay the market rate. Which would mean they would then attempt to extract the oil in the most efficient way possible, to maximize the return on the investment. Which should be to the benefit of the Brazilian people who receive the royalties (through their government) and to the consumers of the oil.

Anyone willing to put their narrow self-interest ahead of that of the masses, ought to catch some flak.