In this day I celebrate a great feat that has deeper meanings than what the title mentioned. Yes, right now with the barrel of oil skyrocketing, it is important to say that you have reached a point where you don’t really care about international prices. But what else does it mean?
I am no economist or even living in Brazil to present an in-depth analysis of this. But I can certainly make some observations: Brazil is about number 12 in oil consumption [source] and number 9 in GDP [source]. Quite close, but as it happens with all this distributions, the power law tends to hide the importance of it. Take Russia as an extreme exemple: the GDP is pretty much the same ($1.5 trillion with purchasing power parity), while the oil consumption is 50% higher!
The important thing to take away from this is where your energy comes from. The whole ethanol push that Brazil has undergone might not have been as important as some people have claimed, but it was surely a good part of it.
Anyway, I’ll stop here as most probably I’ve already gone far away from my domain of knowledge and will end up just embarrassing myself. With oil prices still going up and strong, it is an important thing to know… Or maybe you should just ignore it all and start walking.