News of a huge oil find in deep water off the coast of Brazil doesn’t herald the return of cheap energy, but with oil prices around $130 a barrel, it is certainly welcome — that is, if you worry more about oil prices than about global warming, at least regarding the next few years. And the strategic implications of a huge new oil field outside the Middle East, in the Western Hemisphere no less, are fascinating.

Until a few years ago, Brazil was a big energy importer. Using massive government subsidies, it pioneered using biofuels, chiefly from sugar cane, to achieve a degree of energy independence. But a few years ago it also began prospecting for oil in its own vast territories, and was pleasantly surprised.