Magazine content is available exclusively for TIME subscribers.BRAZIL: Glad Tidings of Oil
Brazil's inflation-harried, dollar-starved government heard good news last week from the jungle interior. Near the spot where the Madeira River flows into the Amazon, oil hunters brought in a high-grade gusher, the first oil ever found in Brazil outside the coastal state of Bahia. The oil spurted 150 feet, and made Brazilians gush just as effusively. Said Rio's Correio da Manhá: "Glad tidings! The greatest hope for Brazil's recovery."
The tidings were all the gladder because oil is one of Brazil's sorest problems. The wells in Bahia produce only 1,500,000 barrels a year, less than 3% of Brazil's consumption....
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