While the Gulf of Mexico continues to gush out oil, two countries announced major finds off of their own coasts:
Petrobras, Brazil's state-owned oil company, has found reserves estimated to have 8 to 10 billion recoverable barrels of oil off the Brazilian coast near Rio de Janeiro.
The senior minister in charge of the cabinet, Dilma Rousseff, said if the deposits turned out to be as significant as first thought, it would place Brazil in the same league as Venezuela and countries in the Arab world.
With a reserve like this, the country could be transformed into an exporter of petroleum, she said.
"This has changed our reality," she said.Meanwhile, an Israeli consortium has discovered large natural gas reserves (with the possibility of oil) off the coast of Israel.
Speaking to Channel 2 news, Uzi Landau, Minister of National Infrastructure said that "we have enough gas to supply all our needs for the next 50 to 70 years.Let's hope they don't spring any more leaks.