Zero Hedge: "Perfect Storm" - Global Energy Crisis Spreads To Brazil And India
The global energy crisis plagues Europe and China and risks spreading to emerging market economies.
According to Bloomberg, severe droughts in Brazil have led to a collapse in hydroelectric generation and could force the South American country to ration power if power imports from Uruguay and Argentina aren't increased.
Brazil is South America's largest economy. It derives 60% of its power from hydroelectric sources, but La Nina has produced drought this year and dwindled water levels at reservoirs, making hydro less dependable.
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WNU Editor: In the coming months I can see many countries scrambling to buy coal, natural gas, and oil. This is now a sellers market.
