Editorial by Doug Gray, editor

RIO DE JANEIRO, BRAZIL - Poet Robert Service probably didn’t realize how apt the words of his 1907 work “The Cremation of Sam McGee” would be a century later in the light of the biggest auction in the history of Brazil’s oil industry. For as the poem opens, “There are strange things done in the midnight sun, by the men who moil for gold,” and the line Johnny Cash bit into on his version: “Now a promise made is a debt unpaid”.

When then-President Lula announced in 2008 that the huge pre-salt . . .

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