The Bric Nations Essay

2540 words - 10 pages

Currently the United States economy is in a state of financial crisis and the US’s financial woes can be felt around the world. However, the BRIC nations, which are Brazil, Russia, India and China, are a source of stability in the turbulent economic crisis, that is why it is imperative that the US maintains such relations. Jim O’Neil who first coined the term “BRIC” in 2001 exclaims that, “the BRIC consumer is going to rescue the world.” Though the BRIC nations are not superhero’s many economists reassure Americans that the economies of the BRIC nations will be able to withstand the recession, which will benefit the global market. On balance maintain international diplomacy with the BRIC nations has had a positive impact on the United States.
The first of the BRIC nations is Brazil. Though a small country, the United States recognized Brazil’s importance, being the first country to recognize Brazil’s independence in 1822. The United States and Brazil have maintained an active and affable relationship, which encompasses a broad political and economical agenda. The United States continues to deepen their relationship, which is reflected in high-level contracts between the two countries. The United States government regards Brazil as a significant power, especially in its role as a stabilizing force in Latin America.
The United State’s growing dependence on foreign oil is a major problem for the US economy. Congresswoman Judy Biggert exclaims that, “Our dependence on foreign energy sources is our Achilles heel, not just in the realm of diplomacy, but in terms of our future as the world's economic leader. “In 2008 the US consumed 23 percent of the worlds petroleum, with which 57 percent was imported. In addition, America reported to have imported 4 million barrels of oil a day from “belligerent and unstable” Middle Eastern countries. Oil practically controls the US market, leaving America at the mercy of the Middle Eastern countries that do not necessarily have the best interests of the United States in mind. In fact, the United States spends a great sum of money to finance and sustain friendly relationships with these countries.
The main question is how can Brazil help lessen the US dependence on Middle Eastern oil? It is not a matter of how they benefit the US; rather it is a matter of what they could potentially do to help the US cut down on oil imports from “rogue” nations. On September 2, 2008 President Lula announced the discovery of Tupi field in the Santos Basin, which extends over 500 miles along the coast of Rio de Janeiro. The field alone may hold up to 50 billion barrels of oil, which has an estimated worth of 6 trillion dollars. This discovery has the potential to turn Brazil into major oil and gas producer and an oil exporter for the US. Brazil and the United States would both benefit because since America has such low tariffs, Brazilian oil companies could export a large amount of oil with little net loss. The America government...

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