Brazil squanders oil bonanza even as Rousseff declares victory [View all]

[Zorro]

Brazilian President Dilma Rousseff has put her government's oil policies front and center in her re-election campaign.

TV ads show dramatic views of giant, floating oil platforms and new refineries under construction. The message: her leftist government is turning an offshore oil bonanza into schools, hospitals and jobs, propelling Brazil into the ranks of developed nations.

But there's a problem. Brazil's oil industry may be large and growing, but little of what Rousseff promised when elected in 2010 - or before then as energy minister or chairwoman of state-run energy giant Petrobras - has come to pass.

Instead, industry experts and Rousseff's election rivals say her policies have led to stagnant oil output, increased dependence on imports and waning investor confidence despite Brazil's huge potential.

http://news.yahoo.com/brazil-squanders-oil-bonanza-even-rousseff-declares-victory-151107584--finance.html