NYU Economics Professor Nouriel Roubini, AKA super-bear, wrote today a note about oil and natural resources which I have permission to share with you. Prof. Roubini famously predicted the economic crisis we are now in:
 
    Last week’s announcement of new rules governing deep-sea oil deposits off the Brazil coast  reignited debate over resource nationalism. Deposits in the pre-salt layer deep beneath Brazil’s seabed are one of the more promising, if expensive, sources of new supply globally. Pres. Lula unveiled the new rules on what he called an 'Independence Day for Brazil.' Among other things, they suggest that Petrobras, the publicly traded but state-run oil company, have a majority stake in any new developments of deep-sea oil. The move, which marks a change to the country’s profit-sharing agreement, would not apply retroactively. Brazil also wants to create a new social fund, channeling some of the profits into social and infrastructure spending—-potentially narrowing extreme income divides.